Yeah, potentially. Some loggers for example live off of the ads their blogs serve visitors. So yeah, in that case it can suck. However, others make money from affiliate links on their pages, or partnerships with other blogs, or a combination of 2-3 of these. I think you’ll be hard-pressed to find a blogger nowadays who lives exclusively off of ad clicks/views, since that market has become increasingly less worth it even before ad blockers became more mainstream. One thing to keep in mind is that there are different types of ad campaigns, and if the blogger get paid per view or per click, in theory adnauseam could be triggering an impression and causing the blogger to be paid regardless. It really depends on how Google and Facebook deal with adnauseam’s false clicks. So do with this information what you will.

Edit: Just as a matter of comparison. I knew a guy who, in 2008 built a blog where he had AdSense, and would routinely make £500 (~600 USD) PER WEEK, just from him clicking his own ads and changing his IP. Of course this isn’t possible anymore nowadays (the change IP easily part) but also no way in hell Google would still be paying that much for as clicks. Those times are simply gone as Google, Facebook, Yahoo became greedier.

Edited for added content.