Risk is theoretical, that is; a) never demostrated, b) most probably overblown c) any methods of mitigation were never even given a chance to develop.
All in all you people take the precautionary principle so far as to cripple your own progress in fundamental stuff like spaceflight but at the same time see no reason to apply it in social stuff like that survelliance camera affair or the net-id. And also fervently believe in modern version of snake oil that is "AI".
This is hypocrisy at the base level and a sign that we have a civilization crisis akin to one that of ~7th century AD.
Okay buddy, that was a Gish gallop if I've ever seen one.
The risk is real. The math isn't complicated, you could stand up a basic debris simulation in a few hours with numpy from first principles. And we also know it's real because it's actually happened multiple times now: https://en.wikipedia.org/wiki/Satellite_collision
This is a real thing that satellite operators worry about all the time. Conjunction analysis and risk modeling leading to a go/no-go decision is something that real satellite operations centres do daily.
I don't know if an LVT is the answer, but we do need to figure out some way to make operators consider space sustainability efforts, especially if they are launching systems with such density that they make subsequent operation in those shells significantly riskier.
No, it is not real as in threatening anything in particular.
Some old crap got shot up. Who cares, we can launch 10x or 100x.