The “keep up the appearance of working” story feels like a misleading comparison to me, because the motivations are pretty much reversed. In the hypothetical factory, there's an external social element requiring the appearance of working, some observer to whom it looks good that this is happening: the way I read it, the assemblers and disassemblers may well be cooperating with each other to produce that appearance, so that the absurdity is visible from within (though they could also just be unaware of each other's assigned tasks). In the case of anti-copying technologies, game publishers trying to guard their revenue stream, and other groups trying to distribute or play unauthorized copies, are adversaries whose tactics create relative losses for each other that can bleed into the surrounding society: seems bad that it impacts other users / risks jobs and livelihood / is various forms of unfair (depending on one's moral feelings around which actions are ‘justified’), but their individual actions are incentive-aligned from within the conflict.
DRM authors and implementors know it doesnt work. The decision is made by people in suits based on traditional business culture that doesnt fit the digital world. The same people making denuvo are also the ones breaking it.