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I think you can get most of the benefit by just banning targeted advertising.

Require that every user must be shown the exact same ads (probabilistically). Don't allow any kind of interest or demographic based targeting for paid content.

Advertisers would still be able to place Ads on pages they know there target audience goes, but wouldn't be able to make those same Ads follow that target audience around the internet.

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How will they know where their target audience goes if there is no tracking?
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Yes, a user in GA should be shown an ad for a car dealership in Hawaii…
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Geofenced ads are not the same as targeted ads.
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Okay what if I am in Florida and Facebook sees that all of my posts are in Spanish, should it not be allowed to target me with Spanish speaking ads?
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Correct. The proposal is to not be able to use your posts to determine which ads to show. But showing you ads in Spanish because you’re in southern Florida or Puerto Rico would be acceptable.
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Such a law will probably allow targeting based on the browser's language (browsers already send a "Accept-Language" field, doxing you with every single http request), or whatever language you have configured a website/app interface to be shown in.

But not guess a language based on the content of posts.

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But I don’t speak Spanish and I’m in Florida…
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Good policy in my opinion.
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Paying someone for promoting your product or message. I don’t think it’s all that complicated. Talking about your own product on the internet is fine. Paying to promote your message wouldn’t be. TikTok and Reddit and Instagram aren’t trying to keep people endlessly scrolling because they are free-speech fanatics. It entirely comes down to “more time in app = more revenue”. Take away that monetization method and you take away the single incentive that has driven virtually every dark pattern that has developed in social media in the last two decades.
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Subscription based services have exactly the same incentive to increase engagement.
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What counts as pornography? What counts as art? What counts as music? Please, yeah we know, we absolutely know categorization is hard, doesn't mean there is no benefit in having them and shaping them as we go.
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You'll see that none of these things are banned unilaterally.

Interestingly, there are autocratic governments who do try to ban vague things. The goal there is selective enforcement, not good public policy.

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Going too far - laws state that if you were paid for a testimonial by a firm, or if the firm provided the service or product you disclose / it counts as paid endorsements /

You don’t need to go too far down the rabbit hole. You need to introduce friction to ads.

Subscription revenues are tiny when compared ad revenue, so I expect people will resist this idea ferociously.

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