We have a very strict ad policy; we manage all our ads internally, don't do any tracking, and all ads are 100% relevant to the content of the site. I have click-through rates on some ads types that are so far above the industry average you'd think I'm lying. We consider our ads just another service we provide on the site one that benefits us and our visitors.
The content is funded by ads and paying for content on the web to every single click you link isn't feasible. So morality aside, it's tragedy of the commons: People without adblockers effectively fund those that do. If the scales tip too far, the funds dry up and content will just go away.