Wishful thinking. It will just move to more sinister uses, to the extent that it hasn't already.
I doubt it. Ads aren't the only thing driving spyware surveillance. Governments benefit from it, too. EU is cutting the information flow to the US, while creating it's own Great Firewall at the same time.
BTW, the term was crafted by Shoshana Zuboff, author of "The Age of Surveillance Capitalism"[1]
The EU wants mandatory tracking on all vehicles, that will constantly monitor location and speed, so saying a crackdown on ad surveillance is going to end surveillance capitalism in the EU is a bit rich. It's one aspect of it that is damaged, not destroyed. There are still tens of sources for info brokers.
The EU are the good guys now? Lol that's a good one.. Welcome to the era of state-sponsored mass surveillance.