Yeah - beyond political issues they also just outright advertise pyramid schemes. I live in Hong Kong and most of the adverts here are for a clearly fraudulent scheme that advertises by having young women screaming and showing a bank balance on a phone.

It's pretty telling that even small-ish video producers are willing to vet their advertising partners more thoroughly.

I think it does matter, because a decentralised system would have much greater problems moderating content than Google does today. If this was coming from the Belarusian government bidding for ad time on thousands of peertube instances and the response was piecemeal requests to each federated instance's admin team, then it would also take a very long time to remove from the system as a whole. It might well be impossible to remove it from every popular instance.

A better solution is for Google to hire more people to help with moderation. It's just that Google doesn't want to spend more money, it wants to make more profit.