If you want Facebook knowing when you sleep, when and where you take the kids to the pool—Awesome. I don't, a lot of people don't. Having the option up front to choose if you are tracked in clear shouldn't bother anyone.
That is exactly what this does. Nothing more, nothing less.
This affects all startups in the consumer fintech space. Robinhood,Chime, Acorns etc have relied on digital marketing to acquire customers for a fraction of the price of traditional marketing. Average cost to acquire a financial with traditional marketing is over $1000. The cost to acquire an app install based customer is $30 to $50.
What you are asking is that pretty much everyone sacrifice their privacy so some businesses can shave a few dollars off customer acquisition costs. I don't accept that that is an ethical or just trade-off.
Advertising costs aren't resetting to pre-internet days, this is one channel. Search based advertising is still there, likewise, if you can advertise on a financial podcast or a dozen other ways.
Go back 20 years, consumers had limited choices on clothing/shoes, razors, diapers, glasses, and even mattresses.
Because of FB and Google, we have more choice as a consumer. As an entrepreneur, it is the best time to launch a company because of targeting that google and FB offer. You can efficiently grow the business.