It's not a false analogy at all. Muting the TV, changing the channel, or leaving the room when ads are on all deprive the advertiser their desired eyeballs to target. I believe that if TVs had been invented nowadays the mute functionality wouldn't be allowed during commercials because it would be seen as interfering with a profit model.

In many ways, Web ads are worse than TV ads because they often aren't switching between ads and content -- they are experienced at the same time. Most Webpages with ads aren't a commercial and then the content, it's the content with the commercials at the periphery of your vision. This means that without adblocking, the user cannot make the choice to read the content undistracted by commercials as they can with TV.

A closer analogy would be if TV shows came with commercials playing (sometimes with sound or popups) along all the borders of a TV show, and it was considered piracy to put a piece of cardboard over that ad-filled border. Muting is no different.