Having said that, I agree that _another_ core issue is the data collection and privacy issues. Certainly, viewing advertisers as the value-subtracting rent-seekers as I do, I wish for them to know as little as possible about the world in general and about me specifically.
I prefer not to have salespeople come to my door, I prefer to seek them out when I am inclined to.
Advertisers should be relegated to their own greasy pit, to speak only at my pleasure and where I know to find them. Any other attempt to engage with me, anytime and anyplace else except where I explicitly permit them, is nothing less than an unwelcome intrusion. Begone, rent-seekers! Trouble us with your A/B tests no more.
For example, an advertiser might be able to microtarget people with certain characteristics that correlate with voting for a particular political party, and bombard them with ads that discourage them from voting.
That's targeted, but not "relevant".
The goal of the advertiser isn't to create a win-win situation, where you get just the right ad at the right time, for a good deal on what you actually need. That would be nice, but it's leaving money on the table - and the goal of the advertiser is to make money. So the ads get optimized further: a better ad is one that gets you to buy something regardless of whether you need it, on a deal that's as bad for you as possible without burning you as a future customer[0].
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[0] - Which does not imply the deal isn't absolutely shitty. There are ways to guarantee you'll buy again, no matter how much you hate it. See e.g. the telecom industry - there's only few players on the market, and they're all equally shitty, and it doesn't matter because people need phone service, and those abandoning telco A in anger are offset by those flocking to A from the other telcos.
Why should we allow microtargeted advertising?