I'd argue that targeted advertising is actually a benefit to consumers and businesses a like. Consumers get ads for things they might actually buy, businesses waste less advertising spend.
Consumers don’t magically get more money to spend so as long as everyone has access it’s equally effective at scale. The only real difference is it’s ability to shift where advertising dollars are spent.
That effectively puts advertising dollars into the pockets of consumers who get services for free that they otherwise would have to pay for.
The only companies that are going to be pissing away money on untargeted ads have multinational brands that barely need advertising in the first place.