I've personally blocked who knows how many tens of thousands of ads online over the past couple decades. Somehow I doubt my life is lacking for not buying hundreds of extra products I would have learned about from all those targeted ads.
I'll repeat an idea I had a while ago, but if countries just had national networks where companies could list their products and services in a way that is highly structured and as systematically scrubbed of bias or psychological manipulation as possible, we would get the best of both worlds. Effortless and non-favoring lookup of what you want, fair comparisons between products, no favoritism to the wealthy, no FOMO or mind tricks.
I'd argue here that a business's marketing budget is going to be effectively unlimited if it's profitable, assuming they have the initial budget to kickstart it which most do. If $10 in ad spend returns $12, you can just keep pouring money into it.
Apart from that yeah you're right that the goal is better product discovery.