I think it's just a matter of constantly struggling. I mean you have millions of people playing these games and out of those few you might have a few hundred or even a few thousand with the basic skills needed to write code for a hack or to exploit something in the game. So they do, and they do it somewhat easily and free of charge, then they release it and people think "Hey, why not?" and try it out.
So the hack goes out into the world and becomes rampant, and some time goes by before the developer catches on.
So the developer becomes aware of it, but they don't know exactly what's going on. So they need to observe the hack in action. This require people from the company (who could and should be working on something else, and are paid) to get in the game and see what it's about. Maybe download the hack themselves. I don't know.
They want to do their due diligence so when they do start banning people, they only ban the guilty ones, so they take their time. This makes it seem like the hacking is really bad, when really it might be but hey at least they are working on it.
So then the devs release a fix or they identify the problem and anti-cheat programs (that cost money) start banning people.
And then a week later a new hack comes out...
Idunno I am not in the industry, but between what I've read and what I suspect happens, I don't think it's overstating it to say that the developers are generally outmatched, if not by skill then by numbers and repetition, by hackers.
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