Well, the main thing I can think off would be people constantly rejecting ads up until you only get the untargeted ads which means :
1) Less valuable and therefore bad for publishers.
2) Remove users from the pool available to those ad-tech providers and therefore is a big nono for them.
I could very well be wrong, so take it for what is worth.
This being said I'd like to highlight that there are 2 main concerns I have with completely killing the targeted ad industry, namely :
1) The big players will probably find workarounds and be able to sustain themselves, whereas the smaller players ( local news, niche website etc..) will probably get decimated or at the very least severely diminished.
2) A shift towards more sneaky advertising, something that isn't clearly identified as such. For all their issues, display advertising as it stands today tends to be pretty obvious. If you kill this segment, something else will fill the gap. It has already started and it might need to be heavily regulated (as the FTC did for those Instagram / Youtube folks promoting things).
I honestly believe that there's some room for improvements and it is in the best interest of the industry to get a grip and rein itself in. But the greed will prevail I'm afraid and therefore all those scandals might bring in (much needed tbh) regulations.