There is probably a set of sequential steps someone has to take in order to make you money, and starting at the top there's probably a lower percentage of people completing each subsequent step, and yes, that looks like a funnel if you squint.
And at high enough volumes, it makes business sense to optimize this stepwise progress, even if you're only making small improvements.
But this is not the most valuable mental model for most businesses.
Do people visit, then leave, then return on another device (or with cookies cleared)? Are they using an ad blocker, and can you see them if so?
Given that, how much time should you spend looking at these numbers?
Are there ways to give you money that don't involve taking all these steps in sequence?
Given that, how much time should you spend focused on this quote-unquote funnel in the first place?
And crucially, what's the impact of all the work you do to capture interest, earn trust, and Optimize for word of mouth marketing?
Given that, how much time should you spend on the "giving you money" experience, compared to the "deciding to give you money" part?