The problem is someone making good money will likely not bother with that system - they will just say “my info is not for sale” instead of trying to figure out settings which would earn them them 0.1% of their regular income.

So this system will mostly be used by the people with little disposable income, enthusiasts who enjoy gaming the system, and scammers with tricks to maximize earnings. Those people are not going to spend much money on buying expensive products, so the advertisers will find out that this bidding thing is just not bringing any results.