What is your reason to believe ad revenue would drop to almost zero?
Revenue might be lower. That is not in itself proof of a worse outcome. Maximising numbers like revenue or GDP is not good per se. Neither is maximising the amount of content created. If you want to know the trade-off is worth it you also have to look at the costs. The impact of tracking on privacy is not zero. The impact of ever more attention grabbing ads is not zero. The impact of persuading us to buy ever more stuff is not zero.
Also, the vast majority of small scale content creators are hobbyists.