But Google certainly isn't intending to make blogspam a good business to be in, and I'd argue that they aren't; over the past four years Demand Media's stockprice has fallen from $400/share to $4, and the general marketplace for commoditized SEO services has shrunk by a similar degree over the same period. 19 out of every 20 SEOs who were active five years ago have thrown in the towel... just check alexa graphs for the top SEO forums.
The SERPs are clean these days. Google has done an amazing job every year for at least thirteen years now of improving them constantly. The new wave of spam is social. In practice this means Buzzfeed writers stealing user-produced content from AskReddit threads and it ending up polluting my Facebook feed to the point that I can't even find any good counterfeit Raybans.