There's a confusion here about what is really going on here. In truth, advertisers care more about volume that quality, and so the industry has a bias in that

There's a confusion here about what is really going on here. In truth, advertisers care more about volume that quality, and so the industry has a bias in that direction. It's entirely possible to have much higher precision, but that precision turns out to be not what advertisers are looking for. For example, take "college educated high-earner". Well, there are a bunch of such types who don't spend or making purchasing decisions like the rest of that group, and a bunch of people outside that group who behave exactly like them. How did the advertiser figure out that they want that group? Did they really figure out that if you aren't meeting those criteria their ad is a waste of time? Of course not. They're just guessing, and they don't intend for their guess to constrain their audience.