'Even if the risk of ever being shit on for sponsoring a game that has terrorists is small, it's present'. You've got Fortnite, Valorant, League, CoD and other games with similar or better numbers to sponsor that have no controversial risk whatsoever and you can see that with the orgs getting into them. Football teams have esports representations such as Schalke or PSG yet none of them bother with CSGO.
'Valve not being in it, doesnt change much.'
It changes a lot actually because it's one thing to rely on the reputation of a random TO where your name will be represented (almost all it takes is money to get teams to attend) and another where the company that sells and develops the product gets involved because the standards will be higher and there is some quality assurance, which, a tournament like Home Sweet Home or whatever else can not provide. The current formula with the RMR points is much better as you can label more tournaments as being 'official'. Riot/Blizzard for instance got involved much more actively into their esports and tournaments organized and it showed, a lot more investors were willing to chip in.