Personalised ads are beside the point. The issue is how they are personalised, namely by building a rich profile of user behaviour based on non-consensual tracking.
It isnt even clear that there's a meaningful sense of 'consent' to what modern ad companies (ie., google, facebook, amazon, increasingly microsoft, etc.) do. There is both an individual harm, but a massive collective arm, to the infrastructure of behavioural tracking that has been built by these companies.
This infrastructure should be, largely, illegal. The technology to end any form of privacy is presently deployed only for ads, but should not be deployed anywhere at all.
True, but even if EU bans just the personalized ads, chances are that this personal data hoarding bubble is going to finally burst and die, because the belief in "big data = big money" was powered almost solely by the ad industry. I believe ads (and outright abuse, but that's not exactly a business model) were the only use case/reason for why this data is collected and why it's considered valuable.
We'll see attempts to rapidly change the tune (possibly something about "AI", given it's the buzzword of the day) from the companies whose valuation is strongly tied to this myth/meme, as they'll desperately try to keep their $$$-faces. But, I believe, chances are, if using personal data for showing ads will be illegal in a major market like EU, many companies will stop collecting because the data will become worthless, a liability rather than an asset.
And then I have this silly dream that one day a transhuman age will come closer and I will have machinery to aid myself, personally, that would collect and store my interactions with the world, strictly locally, strictly for my own personal use - an extension of my own mental or physical capabilities (I need glasses to see, I suspect I'll need a hearing aid someday, and I have some concerns about my memory and attention spans - so, you know, From the Moment I Understood the Weakness of My Flesh.meme.txt). So every time I hear things like "we're outlawing facial recognition/conversation recording/data collection" without a "(*) for businesses" I'm kind of disappointed. Of course, my hope is that those laws will be reviewed accordingly as we'll get closer.
Thus, I believe, a ban on targeted ads alone could be a possibly better outcome than a blanket ban on data collection. But, uh, whatever works, I guess...