Schools don't receive a penny for the work they do in following up, investigating, evidence gathering, submitting lengthy forms and producing bundles of evidence for Local Authorities to consider issuing Penalty Notices.
They also have to refer them - and when Ofsted visit, if there isn't any evidence of doing this for every case of Persistent and Severe Absence or unathorised absence, of calling, messaging, visiting, bringing in for meetings, referring to the LA attendance team, having more meetings, liaising with SW, VSHs, etc, minutes of meetings, signed agreements, medical evidence, etc, etc, etc, it's a guaranteed way of getting a crappy grade - if an inspection team feels so inclined, they could completely fail the school on the basis of safeguarding - and a particularly forceful LA could also (because they have access to the live attendance data) insist upon more referrals or spark off a safeguarding inspection of their own.
By all means investigate why schools don't receive recompense for the additional hours spent trying to improve attendance and having to meet this additional compulsory task or why they can be criticised for not pushing families on attendance when the kids concerned have very real reasons affecting their attendance, but thinking it's a moneymaking exercise for schools that should be investigated to reveal some Machiavellian scheme to increase leadership pay/buy better teabags for the staffroom - well, you're not going to get the big reveal you think you are..