Viewed from a different angle "Advertising powers every medium it ever touches."
Your statement sounds to me about like saying “Exhaust fumes power cars”.
My problem is mostly the tracking, but even if I ignore the privacy issue, I've found that targeted advertising has seriously reduced the value of advertising to me.
Even today, I find a lot of the ads for tech podcasts informative the first time I hear them. I would have never known about BackBlaze, Hover or SquareSpace if it weren’t for podcast ads.