It will become harder for advertisers to deny responsibility for ads that violate their stated policies if they have to submit the ads ahead of time. Also site operators will need a certain level of technical competence to do this.
Alternatively, they might require you to set up a subdomain with a cname alias pointing to them (or a common CDN), negating any security benefits of such a practice.
Sounds like legal precedent waiting to be set. “Run our code so that it looks like your code, acts like your code, and has all the same access as your code” seems like it should be a slam dunk if said code ends up doing a Very Bad Thing to your visitors.
But of course that’s assuming common sense, and the law’s relationship with that isn’t always particularly apparent.