IF they book EVERY SEAT, then the seat, ***even if unused*** IS STILL PAID FOR.
Not if they sell refundable or changeable tickets. Every seat is paid for until suddenly someone goes online and makes a change and it's not. If they do that close to departure time then the airline risks the seat going out empty, which is essentially product spoilage for them. So they overbook, counting on a certain fraction of travelers to change their plans at the last minute and have the plane go out exactly full.
The typical counterargument is "well, they should just make tickets non-refundable within X hours of departure", except that their reliable customers are business customers who like the flexibility and are willing to pay for expensive refundable tickets, expensive last-minute tickets, and change fees if they're buying non-refundables. The excess that those customers are willing to pay for the flexibility more than compensates for what they have to bid for one of 75 or more people to take a $200-$400 voucher to accept VDB. So they can sell tickets to business travelers right up til departure on most flights, counting on the ability to get someone to take a voucher in return for accepting a later flight.