Way back in 1995/1996 when I worked on the original Pentium, there were really no limits on overclocking at all. Multipliers were so unlocked that it would just do whatever you told it to - there were no fuses, so we relied on the BIOS to set the value correctly. So if you bought a Pentium 90, then the chip just relied on the system builder to set the ratio correctly.
At that time, we at Intel had a pretty substantial problem with "remarking" in which various organized criminals would change the markings on the chip to make a 90MHz CPU look like a 120MHz CPU. Then when the customers returned their CPU's back to Intel because they were defective, we would find out that someone had actually just changed the laser etching. They'd sand down the cover - or just pop it off and replace it - and then re-etch it. This was actually a really seriously expensive problem - a criminal could buy a 90MHz CPU and then change some writing on it and resell it for much more money and when it had problems, Intel was left to foot the bill.
So I remember when we "locked" the first multipliers back then. I was in the meeting with the engineers and the marketing team and I sat in the corner and didn't say much, but I can say that I was there and there was absolutely no talk about the enthusiasts overclocking... at that time in ~1996, the first clock multiplier locks were all about limiting losses due to organized crime.
Clearly over time since 1996 things have changed, and my experience 15 years is likely barely relevant to the modern industry except as a (hopefully) interesting anecdote. I actually have no clue about the industry impact nowadays. But I do know that ~15 years ago, there was no discussion at all about overclocking impacting revenues and the first multiplier locks - which I helped work on personally

- were definitely not implemented with overclocking enthusiasts in mind.
*Not a spokesperson for Intel Corp. *