But I think the problem is that a PoW captcha can be cracked significantly more easily than a regular captcha:
For a regular captcha, a spammer would have to deal with brittle image analysis software or find people willing to do extremely boring, borderline illegal work for pennies.
For a PoW captcha, they have to load the page in Selenium and... that's it. All that's left is a slight bump in the power bill.