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You answered your own question - you’ll just miss out on the data. You will also miss out on the user journey that led to a lead form submission, whether they did it through your ad or just found your client in google. You therefore won’t be able to prove effectiveness of the campaign. Also when was the last time you called a phone # off a banner? At very least you’ll wanna go on the website and review prices and services first :)
Dumb question from me as well though, will you even 100% know that the ad is live and spending if you don’t append a tag?