> $106 million out of $37 billion is 0.28%. Hardly "severe".
And yet they prosecute bank robbers and tax cheats, who steal a much smaller percentage of the mass wealth represented by banks and governments respectively, than do click fraudsters. It's not a matter of percentages, but whether the problem can be solved or alleviated. If no one acts against cheaters, people lose trust in the system.
> $37 billion dollar online advertising industry
> click fraud remains a severe and growing problem
$106 million out of $37 billion is 0.28%. Hardly "severe".