There's a risk we miss the point point in this discussion (as every time the topic comes up). Even here on HN there are those who don't mind or even actively want "personalised" ads. We'd assume the community here is aware of the wider risks of surveillance or "social manipulation platforms".
The real issue is choice. I personally choose privacy over personalisation. I also understand that businesses need revenue - so I pay for e.g. email rather than using an ad-supported service.
My issue is that I can't choose privacy. I've taken reasonable steps to make it difficult for Google, Facebook at al (ad blockers, pihole, etc.). But I'm realistic to know it's an up hill struggle. I've never had a Facebook account (nor instagram/whatsapp) but I know I'll exist as a shadow profile.
Whether ads are good or bad; whether they're personalised or not, and if so how, isn't the fundamental issue. I've no issue with those that do want personalisation (assuming they understand the consequences obviously). The issue is that I can't choose. And everything G/FB/etc are doing is focused on building ever more walled gardens, so it becomes ever more difficult to exist outside them.