For example, we run a website having millions of page views a month. And similarly frustrated.
If we can divide the slot between 10 advertisers directly, we might make much more. Perhaps even double than what Adsense pays. The only reason, why we don't attempt that is time and effort getting directed in an unwanted direction.
And many small businesses are always struggling for bandwidth to do the core job (and projects that enthuse them). And Google is getting full advantage of this situation.[1]
Sometime back, I even wrote to them on falling CPCs (eCPMs) but of course, Google has a culture of not replying.
Its amazing to see, Internet living with a broken Ad model, for so long. I can't wait for a browser like Brave to take off. Where we can collect an ultra small amount from users for pageview, and still make more than Adsense.
[1] I suspect, this squeeze is happening more recently, because Google itself is feeling the pinch from Facebook. As its stealing a lot of its Ad revenue.