Here's how I think about it though. Targeted advertising allows some businesses to exist that otherwise would not exist. In order to justify banning it or labeling it as unethical, we should show that there is some harm done that outweighs the benefits in terms of job creation and innovation. So far the examples of tangible harm I'm familiar with are rare and far less in magnitude than the value creation enabled by targeted advertising. What's more , all those harms can be mitigated, and it's in the best interest of large advertising platforms to mitigate so they they have better products. That's why Facebook and Google have spent more on basic research into privacy preserving computation and analytics than any other company.

It's not that all targeted ads are bad or good. It's that we can make them good and keep the benefits without any of the harm. I don't see examples like "I got a personalized email" as inherently harmful, so I'm looking for justification specifically for beliefs like that one.