The worst thing a company can do is try to sell you more soap. The government on the other hand can literally ruin your life (or even end it in some countries).
The EU is doing a fantastic job of keeping everyone distracted by pointing the finger at the "evil American tech companies" while simultaneously doing the opposite when it comes to privacy from government...which is the real threat.
I could point to many instances of this but the easiest one is the EU commission currently pushing a ban on encryption.
No, the worst thing a company can do is to influence your desires, feelings and behaviours, causing you to spend money irresponsibly, getting your kids addicted to useless games, ... All that is also what this kind of tracking aims at. It is quite incredible how people have gotten used to being manipulated on a daily basis. Advertisement used to be fact based, but it's nowaday all emotional trickery and the more the companies know about you, the better they can modulate it to your wants, needs and worries.
Targeted advertising has already changed governments, caused hundreds of thousands of bankruptcies, family trouble and breakups, and many sucides. You don't notice it anymore because it is so utterly ubiquitous, but it drains you and affects your feelings and thoughts most of the day.
Wow. I guess if we ban it then, we'll be living in a perfect utopia...like we used to have in the past?
Have you ever considered that "Targeted Advertising" could be, for the most part, a way for customers with wants/needs and businesses with products/solutions to efficiently match up? And that the people who have been "duped" by targeted advertising actually just have different wants/desires/needs than you?
I think its more likely that the root cause of all the things you mention, is just normal human nature stuff.
I think you might be using Targeted advertising as a panacea boogieman instead of confronting the uncomfortable real causes for these things (from election results you don't like to family breakups/suicides)?