I work for one of the ad network. And I know the people in my company who implemented that specific piece of code for that specific opt-out feature. It's one of the most safety-critical feature we have so we do regression test before every single release regardless if we modified that code or not. So I'm pretty sure that opt-out feature works. Because if it doesn't, someone gonna sue us.
I find it really hard to communicate with you because before we even start this discussion you seems already tagged the entire ad industry as an "evil empire" who try to steal your personal information all the time. The ad industry is not an angle for sure. It's just a business that try to make money, like any other business. Intentionally ruin people's life is not the interest of any mature business. Believe or not, doing things that make people hate ads is the last thing the ad industry wants. Because the more everyone hate ads, the less effective those ad campaigns will be, and the less ad companies get paid. Most of the problems with ads today are not introduced in favor of anybody, it's just not as easy as you might think to find a overall better way. Do you recall how many years it has been for people to actually produce a practical substitution for gas engine since everyone realize it's messing up our planet?
In the end, I'm interest to hear your vision on how to fund high quality online contents today without the profit of targeted advertisement.