I'm don't even think it's for shareholders. Upper management / executive level people at these companies are always the ones saying really uninformed things about piracy and DRM. There's no reason to believe that management is just magically better in software companies than other companies, so I can easily believe that Denuvo spins a good tale and a sales pitch lays within and the company buys it up.
Pretty much every data analysis done has shown DRM does nothing more than a rounding error against piracy, but I work at a software company and management does not care about research on anything, software related, office related, or otherwise. They go with what they were taught and what business culture has said for decades. The RIAA lost more money fighting piracy than they did to piracy and no one seems to remember that.
I would much rather SEGA just takes however many hundreds of thousands or whatever they spend on Denuvo and like, buy their developers lunch or hire a few more or something. It would be infinitely more productive to their bottom line.