[wkat4242]

Well yes but the websites will find suppliers of untracked (context sensitive e.g. car ads on a website about cars) ads, which will become more valuable since they no longer have to compete with tracked ads.

Companies like Google and Meta would lose their huge moat because they're the only ones with the kind of pervasive tracking network that make tracked ads viable. They no longer have a big advantage over smaller ad players. And them losing their huge market position isn't a bad thing IMO.

I don't think ads would disappear, they would just become untracked. Neither would websites. They will find a way.