Targeted advertising is as old as advertising. Why do you have cloud companies advertising on the billboards in San Francisco, but not in Beatty, Nevada? Why do you have coupons? Why Cosmopolitan has different ads than Linux Format? Why NBA games have different ads than The Bachelor?
Why do companies spend more and more money with companies that do provide better targeted advertising? Do you really believe that P&G spends billions of dollars on advertising, without understanding which forms of it are effective?
There's a valid discussion to be had about scope, allowed sophistication of targeted advertising that should be allowed, and regulations about it, but claiming it doesn't work just shows lack understanding of the topic.