Ref vs state — ref doesn't cause re-render

What does this output?

let stateRenders = 0;
let refRenders = 0;

// Simulates useState — update triggers re-render
function withState() {
  let count = 0;
  function setState(v) {
    count = v;
    stateRenders++; // re-render
  }
  return { getCount: () => count, setState };
}

// Simulates useRef — update does NOT trigger re-render
function withRef() {
  const ref = { current: 0 };
  function setRef(v) {
    ref.current = v;
    // NO re-render
  }
  return { getRef: () => ref.current, setRef };
}

const s = withState();
const r = withRef();

s.setState(1); s.setState(2); s.setState(3);
r.setRef(1);   r.setRef(2);   r.setRef(3);

console.log(stateRenders);
console.log(refRenders);
console.log(s.getCount());
console.log(r.getRef());

Correct Output

3
0
3
3

Why this output?