Either that or charging a micro transaction for loading the page. But yeah the goal is to make it cost a small amount that is insignificant to a regular user but adds up to a huge amount at the scale of a spam farm. And it’s also the same rationale behind hashing passwords with multiple rounds. It adds a tiny lag when you log in correctly but adds an insane amount of work if you’re checking every phrase in a password cracking dictionary using an offline attack because it adds up. (In the online scenario you just block them after a few attempts)