Belated reply, sorry. I'm just a simple bear.
Thank you. Three (of your many points) stand out to me and are not receiving enough attention (criticism).
1. People are seeing more ads.
I'd love to see this quantified. Attention theft is another form of pollution, right? Just like we're starting to quantify the impact of noise and light pollution on both our physical health and mental well being.
(I live a mostly ad-free existence. It's always quite jarring when I step outside of my personal filter bubble. Like doing eldercare for my mom, airports, shopping, dining. TVs blaring every where. It's surreal.)
2. advertisers are spending more
I don't doubt that advertisers are spending more online. I would like to know (confirm) if overall ad spending has much changed.
Or perhaps the population of advertisers has changed. So some types of businesses are now advertising less, and others have embraced digital ads, and therefore make up the difference.
Personal anecdote: A sibling opened a neighborhood retail knickknacks (aka "shit you don't need") store. The performance of Facebook and instagram ads is surprisingly good. So I'm now certain that targeted ads are fantastic for at least some advertisers.
Or perhaps what's considered advertising has changed. With the decline of brand based campaigns and rise of ad blocking, there is more product placement and payola (influencers).
I have no idea how non advertising marketing dollars are accounted for; probably something like surveying CMOs. I've skim read reports that marketing budgets as percentage of revenue has been stable thru the shift to digital.
3. ad performance is going down
This is very interesting.
I've long assumed that a huge fraction of digital advertising is fraudulent. Examples abound of Facebook lying, belatedly revising metrics downward, remarkable coincidences that errors always favor the aggregator, etc.
But maybe the bigger scandal is declining performance. I would totally believe this; diminishing returns and all that. We (society) are completely saturated, so excess advertising may even be detrimental. Worse example I can think of is political advertising.
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Thanks again. I wish critics would better address all the points you touch on.