CAPTCHA conversations become vague when the attacker model is missing.
Bypass has many meanings
Solving, farming, replaying, avoiding, and relocating a challenge are different problems with different defensive implications.
Friction has a cost
Every challenge changes user experience. The test is whether the challenge adds enough security value to justify that cost.
Measure placement
The same challenge can help or harm depending on where it sits in the flow and what telemetry surrounds it.