Tezos, even though it has lower liquidity than other ecosystems, has still seen the emergence of various arb bots. This is because the competition is lower, allowing operators to chase bigger arbs. The lack of liquidity also means that the bots are able to move faster, meaning they can take advantage of arbitrage opportunities more quickly. Additionally, the low liquidity also means that the bots can take larger positions, allowing them to benefit from larger profits. All of these factors make Tezos an attractive option for arb bot operators.