While we're at radical thought experiments combine that with "what if any entity worth over 100 million (insert arbitrary limit here, perhaps what if it was based on an multiple of average employee salary) was disallowed".
And, in fact, if the maximum company size were limited, and thus the marketplace wasn't a swimming pool full of whales, but instead full of a much larger number of a broader mix of smaller fish, what would advertising look like then?
For example, large categories of industry would have to change hugely into cooperative non-owning groups of smaller companies. Would they still have the same advertising dominance, or would the churn within the groups break things up?