Of course this would add friction for finding the appropriate targets but it would still allow pretty decent business for adtech. it just would be a bit different.
(I'm pretty sure that the line between contextual and personalized ads is blurry, but I leave that to be solved by lawmakers and judges. Its kind of their core competence. And to be clear, what I personally think should be done would be much, much stricter ban, but this is a compromise proposal I think should be agreeable by all parties who are the slightest interested in the harm current adtech is doing)