IMO, the cat is mostly out of the bag at this point. I don't think there will ever be regulation meaningful enough to "untarget" advertising to the degree that privacy advocates might hope. At best you'll be able to regulate some of the more egregious abuses, like phone apps surreptitiously listening to conversations to pick up keywords for advertising, or installed apps sending your phone's location data while in the background. It's simply too easy to track usage data these days to expect advertisers to not fingerprint visitors, especially when almost all visitors to major websites are logged into Google and Facebook.
Regulation will continue to be mostly toothless like GDPR, which as far as I can tell has been a largely bureaucratic way to extract extra money from Google/Meta/Amazon in the EU by fining them for unclear cookie consent banners and privacy statements. Which, to be clear, is a good thing, but extremely ineffective at doing anything about the actual invasive tracking they do.