As a user who doesn't have a horse in this race (I work for a "captive clients" company, so ads don't help much, nor do we sell any ads), what I notice is that ads I'm served are absolutely absurd. It's either Google Maps trying to sell me some hotel 50 meters from my home (I live alone, so I fail to see any reason why I'd go for that), or Instagram which somehow figured I'd be interested in buying bras for pregnant women (I'm a male, and I'm single).
More recently, Instagram tries to sell me Range Rovers. Where I live, there's a tax on "heavy vehicles", traffic is absolutely crazy, and we have usable public transit (which I use – while scrolling Instagram). Buying a big-ass car wouldn't help me in any conceivable way, and would be an all-round nuisance.
What leaves me flabbergasted, is that my only interactions with Instagram are around photography. I only follow photographers, who shoot landscapes and similar, I always leave the app when I'm presented with naked girls or other "reels'. So I could maybe, possibly, be convinced to buy some new camera or photo gear. Guess what I never see advertised on Instagram?