I think it is a combination of both. From what I heard, Denuvo hires many people from "the scene," and when someone cracks it, they pursue them aggressively.
Denuvo is also not a massive target because there are too many games nowadays to care about a specific one. The exception was when "Hogwarts Legacy" was released with Denuvo, and people went crazy for a crack which was delivered just 13 days later.