I observed the same with Google's "Smart" display ads. I ran a campaign for a couple of weeks and watched all of the traffic with HotJar. The first fishy thing was 99.9% of the traffic came from foreign countries despite the target being US/Canada. When I saw the targeting wasn't effective, I even set up specific geographic exclusions for every country != US/Canada and still the traffic was from mostly underdeveloped…
I've read very different from other commentators right here on HN who claim that Google ads work well for them and likewise I've heard plenty of anecdote from users of Facebook's and other ad platforms that they have delivered positive ROI for ad placement of their offers.
Any opinion?