In terms of health economics, it is much easier to quantify the short term costs; appointments, prescriptions, investigations (often inappropriate) for HRT related bleeding, than the longer term morbidity that occurs as a result of untreated or suboptimally treated menopause, because the symptoms are typically suffered in silence and the health consequences occur over decades and are siloed into different specialties eg cardiology for the premature CVD, orthopaedics for the broken hip, psychiatry, rheumatology, neurology, hospital admission with urinary sepsis etc.
It is difficult to conclusively say which individual might have got that disease regardless, and at what age, even if at a population level the rates of these diseases are significantly lower in women receiving hormone therapy. Patients are also blamed for their lifestyle, often without any relevant social history being elicited.