But that's not the real problem here.
The problem is that it has been demonstrated how ad-tech infrastructure can be re-purposed for political propaganda, disinformation, and misinformation. All of that power is now available to the highest bidder, and the infrastructure providers, as we are now know are utterly amoral, stronger and faster than any government regulations, beholden to their shareholders and nothing else even if the world burns.
> Now there may be other potential issues that would elevate the matter, if disinformation is used...
Both of those happened. And are still happening.
This is algorithmic behaviour modification using sophisticated psychological priming that most people - including people who consider themselves educated and rational - have no defences against.
It very much was, and is, an issue of critical severity. CA and Nix specifically sold themselves as election fixers, but most people using FB would have been completely unware they were being influenced.
In the same way dynamic personalized pricing in the supermarket is different from supermarkets being able to set prices before.
Which I also think is overblown. The one thing that people can actually agree on is that dynamically setting sticker prices is bad, but nobody actually does this. There's less consensus on whether coupons (targeted or otherwise) are okay, even though they have the exact same effect (ie. $10 w/ $2 targeted coupon vs a Dynamic Price™ of $8).
Now there may be other potential issues that would elevate the matter, if disinformation is used, or if personal information about citizens is obtained illegitimately, then they could constitute crimes in their own right. Whether the crime is aggravated by its intent to subvert the democratic institution would be a legitimate question, but without the accessory crimes, I don't think political campaigns from non citizen actors are themselves illegal, just icky.