That's what I figured as well. To Microsoft right now, more devices running windows = more data gathered, regardless of whether the device was activated by a pirated KMS server or not.
LTSB/LTSC doesn't have the anything like the levels of telemetry in the Home SKUs, but even so, as a (former) MSFT SE I can give you my personal assurances that the telemtry is about seeing how the product is used and not for marketing/money-making reasons (beyond, ostensibly, making the product better to entice people to pay for upgrades or subscription services).
It's like that whole thing about putting heat sensors under everyone's desk "to optimize HVAC usage". That may be the stated and initial reason, but once the heat sensors are there you'd be a damn fool not to use them for absentee disciplinary purposes.
Microsoft can tell us all they want that the telemetry is just for product usage. When the first slow quarter comes around they're going to gaze longingly at that huge treasure trove of data they have and start asking themselves if selling it won't help them meet their quarterly projections.
Thanks for the info, that squashes that theory then. I guess its more of a case of just not being work it for Microsoft to go after the very small fraction of non-business users who pirate windows.