My personal view is that low regulation advertising is simply not compatible with Western Democracy. If you don't regulate away emotive and brand advertising you're corrupting all the systems that are supposed to regulate our societies (for brevity "advertising" refers to brand and emotive advertising in the below).
The basic idea of how information flows & control works in western market driven democratic republics:
People -> Government -> Markets The People Elect their Government.
The Government controls the rules of "The Market".
The People decide what they want in their day to day lives, demand it from actors in "The Market". Those who fulfill these needs are rewarded and copied. Information moves from consumers to market actors rapidly, this information is hard to fake.
This is very much how markets that don't have much advertising work, take rice, wheat, logistics. Success demands you provide a better product at lower cost. People can easily compare products so you _must_ compete on price, the companies get very efficient they make stuff people want cheaply.
What does advertising do to the above system? Firstly your market starts rewarding the best liars and cheats. Make cheap crappy sewing machines whilst buying out previously good sewing machine brands and running their name into the dirt? FANTASTIC! HUGE REWARD! DO MORE OF THIS. Make soft drinks of dubious health value but persuade people that their consumption is necessary to their social lives? FANTASTIC! HUGE REWARD!
If this wasn't bad enough the advertisers are able to give away entertainment and news content for free. Most people do not want to pay for things and aren't aware how subtle and pervasive the lies are. So most people lap this free information up, so now the advertisers hold the purse strings on every media channel out there. The advertisers control the people, the advertisers control the market.
Adverts -> Government -> Market The final negative impact is the huge swaths of people who are working incredibly hard at a net loss for society at large. People who aren't working making things other people want. People who are working at making other people want things they otherwise wouldn't. Wonder why we aren't working 15 hour weeks as predicted by Keynes? Blame all the people making adverts and everyone who's making content funded by those adverts.
Fake news & Facebook are the latest and worst examples of this corruption. But really it's just a symptom of the underlying disease. After we've perfected mechanization and economies of scale large profits require you fool people into making bad decisions. Doing this is lucrative and since our markets are evolutionary optimizing machines we are going to see it get worse unless we take action to stop it.