Honestly, the old way of doing ads was also The Good Internet. No surveillance, the people placing the ads needed to actually think about where to spend their money, the sites had to decide personally whether the ad fit their audience and ethics. The ad surveillance networks launder all the ethical questions into a wash of hateful attention stealing and tracking user behavior.
I’m not sure that’s always true. We have our own homegrown adserver that’s almost 100% context based (a few ads for stores do rudimentary IP geo-targeting, all purely first-party though), and it does well with both banners and text based ads. It’s in the digital photography niche. I’d assume generally places that are strongly oriented towards a niche can do a lot with context based advertisment. CTR is much better than for Google ads (that we also run).