It's effective. I consulted once for a food delivery chain that has wronged a customer - a food order that was delivered wrong and they foolishly refused to either right it or refund it.
The customer went to the length of buying the domain of the type _company_ is terrible, started to collect reviews from other allegedly wronged customers, and SEO it to the first position in Google search results when you searched for any of the food items or the company name, above the company itself.
As a result the company had to advertise a lot on Google to make sure it's own order links are sponsored above the complaint website. That costed A LOT of money, but if they stopped advertising, the online order business would die.
We offered to buy the website or pay the owner to take it down, at basically name your price, and the owner refused any deal, out of principle.
It's amazing what an unreasonably determined individual can do
$12 is a small price to pay compared to the opportunity cost of having a bricked car in one's garage for months on end, multiplied by however many individuals they may have saved from the same pain.
The .sucks TLD is supposed to be for the express purpose. In reality, it's a way to extract anywhere from $250/year onwards from companies to not have tesla.sucks in the wild.