I say this as a proponent of antitrust regulation against tech giants and a privacy advocate against tracking, storing, and correlating user activity.
Everything needs to be kept in balance. Regulation is a blunt instrument and is better used to punish active rule breaking rather than trying to predict how markets should work.
Break up Google. Don't tell content marketplaces how to run ads. They know their customers far better than old politicians do.
If ads become onerous, alternatives emerge. Different channels, platforms, ad blocking. It's a healthier ecosystem that doesn't grow ossified with decades old legalese. Regulations that actively stymie the creation of new competition.
Now every new video and social startup in Vietnam has to check a bunch of boxes.