Throughout every season of The Boys, it’s clear that Homelander’s ego is all-important to him: the world doesn’t really need The Seven, but having an entire team makes Homelander feel like a powerful leader. Ego is why he doesn’t just kill Butcher…for him, it would be much more rewarding for the dying man to see the supes win and, most importantly, for Ryan to choose Homelander over Butcher.
Ego is also why he has anyone at Vought with dirt on the supes hunted down: he’s not protecting his invulnerable body but protecting his very vulnerable ego and reputation, both of which are vitally important.