Except that those two things are inseparable. The privacy problems are a direct result of the desire of the advertising industry to be able to target people based on their behavior, which necessitates spying on everyone.
If we could somehow eliminate that targeting, then we could discuss the two as separate topics.
You can still target content rather than users.
Indeed you can. By "inseparable", I don't mean technically inseparable, I mean that the advertising industry has decided that personally targeted ads are the only sort of value. That means that, unless there is some sort of sea change in the industry, the two things are inseparable in practice.
If I see an ad, I can safely assume that it comes with spying. I'll be right far, far more often than I'll be wrong.
I think the discussion on privacy and ad based platforms should really be orthogonal.