I might be traitor to the cause, but I feel like giving the industry an "out" might be easier to achieve and significantly faster to implement - e.g. instead of complete ban on targeted advertising, standardize on a clientside API that can send a list of topics/themes that are interesting to the person. In a way that's not owned by a single corporation.
This way I feel there will be less legislative and lobbying pushback while still achieving major privacy wins.