TV ads are broadcast and you can have one grad student check some boxes per market, they just need an extension cord and a bunch of TVs to watch.
Internet ads can have a spend of one and they're gone, or behind this really slick infinite scroll. If 40 people see the ad really whats the likelihood of gleaning useful information?
The Old World Mad Men style Ad is blasted from the antenna, printed, or plastered on a billboard. With Old Media you can tell easily who's being targeted because you can't narrow down based on "Likely to be Pregnant". A TV commercial is incapable of pranking your roommate[0], this stuff is a wholly new category, and its profitability is larger than Uber's 2019 Q2 posted losses.
While this handy search page is for sure an improvement over Facebook's previously completely opaque ad market, I disagree that this is an improvement over the Old Media.
I'd also imagine the Old Media ads have a lawyer or compliance person overseeing the business, and while I know FB has the lawyers I doubt anyone is motivated or empowered to hit the brakes.
[0] https://ghostinfluence.com/the-ultimate-retaliation-pranking...
Just look at the content surrounding the ads on daytime soaps, college ball, anime cartoons. Billboard next to (My apologies for this shorthand, I can't think of any polite way to make this next analogy) "Inner City" liquor store, suburban daycare, or just along the interstate.
As well as dead reckoning, I'll bet a local library has the spend on paper in some industry publication. Anyone in the industry can probably rattle off the spend and get pretty close. Plus, since they are marketing ad space for money, why not send over a proposal and see what the initial offer is?
Surely this takes more time than glancing at some Facebook reactjs ad timeline which is for sure not edited by an algorithm, but like I said there is a finite amount of billboards and tv channels. One grad student wouldn't do it, but however many you need for the internet is sure going to cost you.