It will hurt the ratings, probably, with no American presence. How much that hurts China specifically, I don’t know. There’s also travel and local Beijing businesses that will see less from not having 10,000-20,000 Americans roaming around.
I don’t intend on watching a second of the Olympics, not only because my objections to the CCP, but also because I just do not care about this bloated, opulent, waste of air time run by the IOC, which is only slightly better than the CCP, but I’d still ridiculously corrupt. If the US were to boycott, the Olympic team could run counter programming with an American Games, and invite participants from other boycotting countries, which is what I think we did in the 80’s, but I don’t really want to research that at 1am.