I agree with your first part, but the second part isn't true if it were prohibited to do targeted advertising for everyone. It's an arms race, you only earn le

I agree with your first part, but the second part isn't true if it were prohibited to do targeted advertising for everyone. It's an arms race, you only earn less without targeting when your competitors are targeting. When all advertising is equally poorly targeted, everyone's getting their fair share of the available advertising dollars.