I've had too many "mentioned an idea, then got targeted ads for it within a day" incidents to not think some combination of things on the Google Home or iPhones or other smart devices is spying. Yeah, yeah, familiar with all the "someone else on the same wifi probably searched for it" or "Baader-Meinhof" or what have you, but I don't live with a lot of people and Instagram ads in particular are VERY focused these days in a way that Baader-Meinhof doesn't really fit - if I'd seen the ad for [specific thing] a couple days before I mentioned it, it would've been noticeably weird and out of place in a different way.
I was in ad-tech for a bit in the last decade, and even at a tiny company there were some data sources we bought or heard about that were pretty spooky, so I would not be shocked if there are some wild ones out there today.