I think that the "ad targeting privacy" discussion is a borderline red herring that is focusing the debate away from what matters. Giving the public a feeling that they achieved something, while violating privacy through the backdoor.
Problem is that "evil marketing companies" is a lot easier for people to believe in, compared to "evil government", especially in places like in the Nordics where people generally have a much more favorably view of their governments than in other countries (for better or worse).
This is a regulatory proceeding. The public isn’t involved.
It’s bad strategy to go all in at one point on the front; you’ll be flanked. Focus entirely on government collection, as the U.S. did, and you’ll find companies not only running free but then turning around and selling their data to the government you thought you were on top of.