Apple nerfed everyone else's ads to grow their own ad business. Apple's version of privacy is that if Apple has the data it is private, but if anyone else does it is not private. Just go read Apple's TOS. They collect browsing history, location data, etc. For everyone else they just put it behind a setting. Not for their own data collection though.

> I don't see those as mutually exclusive. Apple seems to believe that a company that values a user's privacy can make a profit from that stance.

The reason Apple doesn't want targeted third party ads is so that they are the only ones that can sell targeted ads to their users. Their platform, their rules. For now at least.

Apple was never going to add Google or Facebook ads into the App Store or News+.

And iOS/OSX users will still see targeted ads whenever they open their browser or third party apps.

The apps just need to either (a) ask the user for permission to track or (b) authenticate them.