AdBlock punishes ALL websites equally (assuming you use the standard blacklist), not just those who have obnoxious content. But you can be assured that it is punishment as it impacts their revenue when ads are not loaded.
It doesn't impact revenue negatively, as users using ad blockers are more likely to be annoyed by or immune to ads, having an impact on the publisher's ranking in its relation to advertisers. Publishers are ranked based on the quality of the conversions they provide, whether it's views, clicks or actions. A lower ranking translates in lower earnings per view, click or action.
I stand by my point, ad blockers are a net win for publishers and advertisers.
AdBlock punishes ALL websites equally (assuming you use the standard blacklist), not just those who have obnoxious content. But you can be assured that it is punishment as it impacts their revenue when ads are not loaded.