That's an excellent reason to do it.
I detest tracking just as much as anyone else here but I'm skeptical this is the right way to go about dealing with it. A more sensible system would give users the choice between accepting targeted ads or paying a fee for the service.
Whenever an unsustainable free service comes out on HN, and it's something people actually want, there's often a comment saying "this seems unsustainable, so I don't think I can count on it; please let us pay you". The same thing applies to apps.