Huh, I admit that I ended up skimming a bit near the end but my impression of the first half of article was the opposite: that these fears weren't unfounded precisely because the current reality of advertising matches the imaginations of the paranoid.
Guess I should go back and reread the rest more carefully.
I would say that this is a natural consequence of having a free press, but places with a nonfree press also have political advertising (as a propaganda organ of the state) so maybe it is just a consequence of having media available in general.
More specifically, you are arguing against the speech that that the US supreme court has specifically identified as "core political speech," which has been explicitly covered by the strongest legal protections, such that any limitations must withstand the strictest legal scrutiny. You are suggesting that treating it with the lesser protections afforded to commercial speech is something good for society, that it is consistent with current legal treatment of free speech, and is consistent with the ideals of freedom. None of these are true.
(Well, not in the US, anyway. In Europe, this is actually normal and consistent with the way that speech is normally treated. But Europe doesn't actually have or want free speech, notwithstanding any protests you may hear about the topic.)