Which do you think wins, low budget factually honest advertising or high budget advertising that builds consumer loyalty or craving using whatever psychological means necessary?

I'm pretty certain the latter wins far more often than the former, in which case advertising hurts healthy competition. You may in fact have the better or cheaper product, but the establish company has the huge advertising budget by virtue of being the established company. Advertising serves as a moat far more than it serves as a bridge.

So while the naive view is that advertising communicates the existence and benefits of products so that consumers can make informed choices, in reality it is more often and more successfully used to communicate lies and manipulation, and raise insurmountable barriers to new competition.