Try having a login form without a captcha and you'll realize you are capturing 100s of users every day that require you to send out a "please confirm your email address" email for each of them for no good reason.
> They still have to respect the system they're logging in.
Your trust in people is admirable, but in my experience running anything on the internet you'll realize that intentionally or not people will bombard your system until it falls over.
Explanation: I did, and within a few days bots started sending me spam using that form. I just added a trivial captcha (hardcoded '2+3=' question), but if my scale was bigger that would be untenable. Think also of PM spam, autoregistering accounts to abuse free tiers, etc.
You essentially had an open public unauthed form that would send an email to any address you typed in it. Surely that alone raises some eyebrows.
Because it works, to some degree. It keeps away the annoying cheap bots and stupid kids. Smarter or more dedicated actors can still circumvent it, but even they are least slowed down to some degree.
But thinking about, maybe just putting a 20 second pause after which you have to push a button might be already good enough for all this. And every stupid bot avoiding it will get banned.
There's a reason many site still have very basic captchas...it's good enough for their use case.
Targeted attacks though? You're making your legitimate users suffer only so that you defeat 99% of bots instead of 95%.