One hundred percent of the time when I've clicked that button, it says "XYZCorp is advertising to people located in the United States", even when the ad is clearly more targeted than that.
So, assuming that this is FB or Goog, then that makes sense. FB certainly encourage advertisers to use broad targeting with conversion optimisation.
This means that the audience is 18+ living in USA, but the combination of the targeting plus the optimisation (click and conversion prediction, mostly) means that it seems much more targeted than it is.
This means that the audience is 18+ living in USA, but the combination of the targeting plus the optimisation (click and conversion prediction, mostly) means that it seems much more targeted than it is.