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Have you looked at channel level reporting to see which one is producing the most conversions? Or are they evenly spread out?
Chances are that most of them are coming from search, but I would focus attention on whichever arm is producing the most and work backwards from there.
If it’s search, SQRs can obviously tell you a lot about your leads. If elsewhere, maybe it’s worth examining the creative.
But I agree with one of the earlier comments that PMAX is definitely a black hole. I work on one client at a large agency and have probably spent something like $50M on PMAX in the last year. No matter how much data you feed it, it’s still opaque and seemingly just sieves traffic from your best performing search (and shopping in my case) campaigns
