I've been online since 1994, and that's not how I remember it.
There was plenty of amateur content put up for fun before the ad explosion. There were search engines for the content. And there was a lot of academic and technical information.
Then the business types moved and tried to turn the entire web into a strip mall. To some extent they succeeded. Twitchy pointless banners invaded a lot of pages.
To a large extent they failed, because the purveyors of twitchy little banners pretended they have the same user impact as print and TV advertising - and that idea has always been demonstrably wrong.
The problem is that the twitchy little banners created an entire economy of user sharking, which completely fails to understand that the best ads give real value to users - either by providing truly useful leads, or by being beautiful and interesting. Networked web ads are none of the above.
Occasionally you'll see sites that sell space to a narrow targeted niche relevant to readers of those pages. Those tend to do much better.
But the scatter-shot nature of web advertising puts it on the same level as email spam. It's not useful, it's not interesting, it's not beautiful, it's just distracting and annoying. Most of it provides no user benefit at all.
It deserves to die until that changes. If it can't exist without being parasitic on content, then the market needs to kill it off until it works out how to pays its way.
And the content industry needs to get over itself and start producing outstanding, irreplaceable, content that readers genuinely want to pay for. If it can't do that, it needs to die out too.