Earlier quoted context omitted.
Maybe by the textbook definition, sure. Not a single user finds advertising valuable, and yet it’s the focal point of profit maximization nowadays. Welcome to late-stage capitalism.
How do consumers discover new products and services if not through advertising? A product on a shelf at a store is also a form of advertising proven by how much money is spent on packaging. Word of mouth is also one of the most effective forms of advertising.
Word of mouth: fine
Product on a shelf: fine unless you made a deal with the manufacturer/distributor to put it prominently rather than believing it deserves to be there
Taking money to give an endorsement: Bad. That makes you a liar.
It's the dishonesty at the heart of almost all advertising that makes it bad (well that and the often accompanying implicit push for people to frivolously consume).