I tell Cloudflare to block all traffic from China because my services derive zero contribution and zero potential value from the Chinese market. The maximum potential positive contribution from China is near zero. The overwhelmingly likely contribution from China is attacks from within the country.
So, to summarize, in my particular case China provides nearly zero positive value and China is simultaneously one of the biggest attack origin countries. It would be the wrong decision to not aggressively discriminate against their traffic: I lose, in real terms, absolutely nothing from blocking all Chinese traffic.