First, why (historically) was conversion tracking implemented by html pixel tracking versus using other small and able-to-be-made-nearly-invisible html elements which could provide the same information? Curious why html images were used as opposed to other methods.
Second, many email clients, e.g. Outlook and Gmail don’t display images in html emails by default as a means to “protect your identity”. Why do images provide greater exposure of information than the other markup elements in the page? They all show up in some server’s web log as a GET from some IP address with some possible query string parms, so I’m not sure why images represent additional risk.
Name one! I can’t think of one except images, at least not in good old HTML 4, which still is the standard for rich E-Mail until this day. External style sheets would be a possibility nowadays, but don’t get loaded in E-Mails. Background images could be disabled.
iframes came later.When an image resource is embedded into an E-Mail, the time when that image is loaded is the time when the user reads the E-Mail. Plus, the IP the image is pulled from is the IP the recipient is logged on to the Internet with at that moment. A badly patched Windows installation might be enough to facilitate an attack with this.
From the request, it is also maybe possible to determine the recipient’s operating system, whether they’re behind a Firewall / router, which Internet provider they’re with, where roughly they are located…. All already very, very sensitive information.