Yes, and it's shitty for consumers and publishers as well. Before if I was interested in a niche product, there would be publications that were supported by ads from the niche industry. Now, they can figure out that I am interested in fountain pens from my browsing history, and instead of paying someone to write fountain pen content for me to read, they put the ads on any random website that I happen to visit. This means that now niche publishing is unviable because it doesn't have a high level of traffic and it also can't deliver more highly targeted ads than e.g. Facebook.

The clearest example of this is the collapse of local news.