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Mattermost and Element have both expressed concerns with hCaptcha, and I found a summary of one in a Github issue here: https://github.com/matomo-org/matomo/issues/13905#issuecomment-605627370
Tl;dr hCaptcha isn’t exactly the free reCaptcha service many people think it is. It has it’s own bag of privacy and effectiveness issues.
Agree, its still fully proprietary, not accessible, and has a “dude trust me” license, so we don’t use it in lemmy.