What exactly do you mean by "targeted advertising"? I'm guessing you probably mean "behavioral advertising", which is a subset of "targeted advertising".
Targeted advertising includes contextual advertising (e.g., a company putting an ad for their bird watching binoculars on a bird watching blog) and I'm having trouble thinking of any reason to ban that.
I'd even go to banning all commercial ads, like several cities have done offline.
Reasons?
Click bait, boosts consumerism, ads imply essentially a tax for everyone (remember that ads have to be paid by the consumers), CEO spam, annoying, environmental costs
Making everything rely on subscription (consider European TV license fees as such) and word-of-mouth is what you end up with. Except in the case of former, over-subscription is getting into a problem too.
Oh no, companies can't manipulate people as easily and some will go bankrupt, because they can't give people as much FOMO and there will be less trash in the internet
Targeted advertising includes contextual advertising (e.g., a company putting an ad for their bird watching binoculars on a bird watching blog) and I'm having trouble thinking of any reason to ban that.