Interesting, could be my particular market. I work mostly in the video space, not display. I imagine the media matters too--I'm involved with higher quality media owners.
These are two examples of an unhealthy industry that, as you say, still seems content to burn money.
The same commercial 10 times in a row is an awful experience and most media owners try to avoid it, but depending on the content it could be the only ad bidding against you as a viewer. Generally there are frequency limits in place to avoid this from happening. On more mature platforms this tends to be the case. Sometimes it can't be avoided due to glitches, poor ad tech stack integrations, or greed, the owners would rather prioritize the cash over UX.