Pitch counts are pretty useless. The whole idea of not going over 100 or having red alarms go off when pitchers pitch counts get high is fairly detrimental to the game, although it is an easy enough indicator if you don't want to really pay attention to what a particular pitcher is going through.
I also have a suspicion that throwing more may have a beneficial impact on pitchers more so than throwing less. They may have it backwards. Pitchers would routinely throw over 300 innings 40 years ago, now panic sets in at the 220 mark, with future predictions of break down. Obviously there are tons of variables, pitchers today face much better hitters than those did 40 years ago, so the stress on the arm (even with similar pitch counts) is much different.
I am 40, and played pro baseball, and was a pitcher. Pitch counts were a big deal when I was playing in the 90s, but I remember times in my teens in summer league ball where I would throw both ends of DH's to the tune of 350 pitches in a day. I remember throwing single games of 130 pitches and feeling very little fatigue or soreness the next day (the mechanics on that particular day were near perfect, the game was always in hand, very little high stress innings on me) and I also remember throwing single games of 70 pitches and could barely lift my arm the next day (couldn't hit my spots, lots of runners on, high stress situations).
The pitch count only matters regarding the stress level they are thrown in. If you are in a jam, each pitch takes much more out of you than if you are not. I don't know if teams today pay much attention to this, or if they simply count pitches and wait for panic to set in.