Nice re-read!
I'd be interested in the thoughts of people involved in ad tech on this.
The article's points seem convincing, OTOH old and new accounts of how effective micro-targeting allegedly is come to mind. Since 2016, the public and media focused on political ads and social media in that regard. But back when Google became the highly profitable juggernaut it is today, the effectiveness of targeting seemed all the rage. Especially the search ads.
Has the perceived or measured value of targeted ads really plummeted? Or is it just market saturation? Also I imagine a lot of "targeted" ads might be targeted badly.