Never attribute to malice what can be explained as greed.
The quiet part you rarely hear is that advertising is a smoke and mirror industry akin to throwing darts at a wall. The idea of "homing darts" that stick the target a percentage more of the time would be very attractive in this analogy.
Tech turns advertising from mostly a buckshot spread into something that kinda sounds like something solid and real ("Look, numbers! CTR! CPC! KPI! Our ad product WORKS! Paying customers for your business, guaranteed!")
Ad budgets almost never correlate with actual performance.[0] We're all just lying to ourselves that this business model is performing as expected, and I don't think a reckoning is that far off.
0. https://www.forbes.com/sites/augustinefou/2021/01/02/when-bi...