Well, brand and image are relevant, in more ways than direct sales impact (something that "voting with your wallet" often ignores).
But mostly, and this is important, it's worth remembering that Denuvo's clients aren't the people who buy their games, they are the people who sell the games. That's who Denuvo is selling to. And Denuvo, which is a very big, if not the only, name in town for effective DRM on PC, would like to keep being that.
All else being equal, if Denuvo generates negativity in forums and a similar no-name competitor doesn't a client (that's a publisher, not a buyer of the game), may choose to go with the newcomer just to remove the noise, or to prevent an impact on sales they can't verify.
But also, I imagine people working at Denuvo are kind of over being the random boogeyman of gaming du jour while other DRM providers are actively praised or ignored. I'd consider speaking up, too.
I probably wouldn't because there's very little to be gained from that, as this conversation proves, but... you know, I'd consider it.
EDIT: Oh, hey, I hadn't noticed, but the guy actually responds to this explicitly. Pretty much along these lines, actually:
RPS: A lot of companies seem happy enough with the service Denuvo provides to keep using it. Why are you so concerned about public perception? Why not just let people have their theories and carry on doing your thing?
Andreas Ullmann: Hard to answer. So maybe it's just… maybe it's even a personal thing. I'm with the company for such a long time. The guys here are like my family, because a lot of the others here are also here for ages. It just hurts to see what's posted out there about us, even though it has been claimed wrong for hundreds of times.
On the other hand, I can imagine that this reputation also has some kind of business impact. I can imagine that certain developers, probably more in the indie region or the smaller region, are not contacting us in the first place if they are looking for solutions.
Because currently, there is only two ways to protect a game against piracy, right? Either you don't, or use our protection. There is no competitor. And I can imagine that there are developers out there who are hesitant to contact us, only because of the reputation. They would probably love to prevent piracy for their game, but they fear the hate and the toxicity of the community if they do so. And maybe they even believe all the claims that are out there - unanswered from us until today - and for this reason don't contact us in the first place.