ChatGPT has more web traffic than X, Reddit, Bing... Crazy to say they wouldn't be able to capture meaningful ad budget. IMO partnering on this is a blunder.
It's OK to not have complete vertical integration. (They probably don't fix their own toilets, either.)
And if it makes as much money as it seems must be possible, then they can just buy one of the advertising partners that are already have plugged into their system and shitcan the rest.