Uhhh… Shooting RAW doesn’t protect your photos anymore than having LoJack prevents your car from being stolen. No one likes GAUDY watermarks, but I can spend 10 seconds at least making it difficult or trying to dissuade someone from stealing the work (plus letting people know who actually took the photo) vs. thousands of dollars in legal fees later just so I can say “Hey, the metadata is in the RAW file!” Besides, all of the metadata can be changed too.
The main reason TO watermark in some way is if you do portrait work. Word of mouth is the best advertising, and my clients all ASK me to send them watermarked versions of the full res unmarked shots they bought so that they can post them to social media and share WHO did the work for them.
Otherwise, 9x’s out of 10, when friends see a photo of someone, they say “great photo!”. They don’t care or say “Oooooh WHO took that photo of you?!?”