I'm not a fan of Cloudflare increasing centralization, but I'd take a Google-sized Cloudflare and Cloudflare-sized Google over our curre t situation any day.
CloudFlare is not an ad company, yet.
CloudFlare doesn't need to be an ad company, they have plenty of paying customers.
With great control of the internet comes great advertising revenue.
They could just be an ISP. They can take money, provide services, and be regulated like a utility.
In the United States, ISPs have had the right to sell your private browsing history since 2017, as long as they anonymized your personal data.