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.