However, personalized ads are more profitable, and so every single platform subverted the rights of the users. And instead of banning Facebook from continuing to do so until they present a plan that is reviewed and approved, which would be appropriate after years of violations, all the authorities now did is explicitly telling Facebook that they can't continue to break the law.
The headline is incredibly misleading. If you take a closer look at what is actually forbidden, emphasis mine: "On 27 October, the EDPB adopted an urgent binding decision ... to impose a ban on the processing of personal data for behavioural advertising on the legal bases of contract and legitimate interest across the entire European Economic Area"
They can still do behavior ads on the basis of consent. And because some DPAs decided that "pay or consent" is OK and there is no binding Europe-wide decision about it yet, that's what Facebook is trying next. If it gets decided that that wasn't ok, Facebook will be fined a fraction (possibly a significant fraction, but still a fraction) of the additional revenue they made by breaking the law, in a couple of years, and then, over a decade after GDPR went into force, they might actually follow it.