The rise of `kidfluencers' on YouTube has raised ethical concerns about child digital labor and exploitation. While emerging legislation attempts to regulate this ecosystem, empirical evidence linking exploitation to engagement remains scarce, given the difficulty of operationalizing exploitation at scale. This study presents a multimodal AI audit of 5,051 videos across 79 kidfluencer channels, using weak supervision to detect exploitation signals without large-scale manual labels. We aggregate noisy labeling functions -- including LLM-based classification of titles and GPT-4 Vision analysis of thumbnails and descriptions across six literature-grounded dimensions -- to assign a probabilistic exploitation score to each video. A multi-annotator validation study (N=107) shows strong agreement with human judgment (macro-average F1 $= 0.911$) and high sensitivity for overall exploitation risk (recall $= 0.960$, F1 $= 0.793$). Our findings reveal a significant engagement premium for performative labor, emotional bait, and privacy violations. Exploitation scores correlate with view counts (Spearman $ρ= 0.229$, $p < 10^{-50}$), and mixed-effects regression controlling for channel-level variation shows that a one-unit increase in exploitation score yields a $4.4\times$ increase in views ($p < 0.001$). Within-channel analyses indicate median view boosts of $+65.6\%$ for emotional bait and $+56.0\%$ for performative content (FDR-corrected $p<0.001$), with effects holding in same-year robustness checks ($p=0.030$). Explicit commercial content (product placement), by contrast, shows no premium ($-3.8\%$, n.s.), suggesting the platform rewards commodification of the child's identity and labor over traditional advertising. These findings challenge policy frameworks focused solely on financial trusts, showing that engagement is systematically tied to the intensive, performative labor of children.