I think the problem is that the market demands growth and while basic search ads did yield insane profits, we are now approaching the end of the Internet growth

I think the problem is that the market demands growth and while basic search ads did yield insane profits, we are now approaching the end of the Internet growth period where everyone who has expendable capital is also already on these platforms. Tech companies have effectively run out of people to convert into customers and thus they have to do these crazy tracking shenanigans to try to squeeze as much out of every individual as possible.