It’s easy to dismiss advertising as just a profit engine for ad platforms, but that’s only part of the picture. At its best, advertising plays a meaningful role in solution and product discovery, especially for new or niche offerings that users wouldn’t encounter otherwise. It also promotes fairer market competition by giving smaller players a shot at visibility, and by making alternatives accessible to customers, without relying solely on monopolistic platforms or the randomness of word-of-mouth.
That said, today’s ad ecosystem is far from ideal - often opaque, invasive, and manipulative. Still, the underlying idea of advertising has real value. Fair advertising is a hard problem, and while reform is overdue, banning it outright would likely create even bigger ones.
It's only when some actors start advertising that the others must as well, so they don't fall behind. And so billions of dollars are spent that could have gone to making better products.
It's basically the prisoner's dilemma at scale.
Most consumers don't do extensive research before making a purchasing decision, or any research at all - they buy whatever catches their eye on a store shelf or the front page of Amazon search results, they buy what they're already familiar with, they buy what they see everyone else buying. Consumer behaviour is deeply habitual and it takes enormous effort to convince most consumers to change their habits. Advertising is arguably the best tool we have for changing consumer behaviour, which is precisely why so much money is spent on it.
Banning advertising only further concentrates the power of incumbents - the major retailers who decide which products get prime shelf position or the first page of search results, and the established brands with name recognition and ubiquitous distribution. Consumers go on buying the things they've always bought and are never presented with a reason to try something different.
A market without advertising isn't a level playing field, but a near-unbreakable oligopoly.
In a world without advertising, our entire cultural approach to consumption would necessarily be different. Maybe it would be as you say. But, maybe we'd be more thoughtful and value-driven. Maybe objects would be created to last longer, and less driven by a constant sales cycle. Maybe craftsmanship would still be a valued aspect of everyday goods.