That is a good point. On top of it, it is merely a matter of choice: you can still make "authentic" ads online, but just because the internet doesn't require you to do so, you see so many inauthentic ads online.
I personally still vividly remember that Nintendo WII ad that ran on youtube about a year ago, which played a youtube video and after a few seconds the whole page started to fall apart ("shake it", see: http://mikeabundo.com/2008/09/25/shaking-wii-youtube-ad/). That is quality online advertising, and it has just as good an effect as quality TV advertising.
All online advertising has become the Pennysaver. And that's significant.
Jason L Baptiste brings up a good point though: there are still places where premium ads may make sense. Email lists like Thrillist, etc. are a bright spot.
But even then, paid placement can hurt instead of help. If I'm a nightclub venue and Thrillist could have covered my venue as a legitimate story, I would prefer that 10 times out of 10 over having to pay for placement, which invariably still signals that I need to advertise. (Undercurrent: Only low-status businesses need to advertise.)
In the days of expensive print advertising, the investment required to take out an ad was often enough of a barrier to legitimize a business to consumers. The model has changed, but I believe consumers are still looking for companies that make some kind of investment to prove their authenticity. The new version of the expensive print ad is the investment in time and effort required to gain the trust of industry experts and influencers.