Especially in the web context, I think it's as you say: the real product has little to do with the task you came to the site for, so everything is trying to distract you away from that task. The end experience is as if the people who used to run warez pages with 9 giant buttons to download dodgy IE toolbars and one 20px link to get the actual file grew up and got jobs running mainstream news sites.
For the inventor of floating video ads, let's just say I hope that hell exists.
The regulation is sane, you should blame the lack of enforcement that allows assholes to get away with being non-compliant.
Seems pretty nice to me: I have control over my browser. I can simply elect to use any "Reader Mode" extension (or feature of the browser). Or use an anti-annoyances list on uBlock to avoid all sorts of cosmetic warts.
I can even configure my adblocker to remove entire parts of the layout like sidebars and navbars. It's amazing.
I don't have much choice when I'm using a poorly designed native app. And I'm thankful I am able to rely less and less on native apps. The computing experience is only getting better and better in my eyes.
This is really the biggest thing I had against the reddit redesign (and why I love the simple UI of Hacker News). It cleared away space for ads on either side, made the platform as a whole better suited to image- or video-content (dissuading users from using text posts on the site for discussion), and ultimately felt - exactly as you described - "distracting". It made it blatantly clear that the site was for upvoting pictures, getting inundated with political propaganda from whichever side is currently paying more, and ultimately wasting the user's time.
Facebook is feeling the same way.
I've literally gotten to the point where I separate "good content" from "time-wasting content" by browser - anything that I can consider educational, time-sensitive, or otherwise important (... I have a list of pinned tabs; Schwab, ThinkOrSwim, Financial Times, Bloomberg, The Economist, the Wall Street Journal) goes in Opera.
Anything that I save solely for my spare time goes in Firefox. All of my social media accounts go in firefox (google is the only thing I knowingly allow to track me between sites in Opera). Reddit and Hacker News go in Firefox (although sometimes I browse HN without logging in in Opera, so that I don't have to switch browsers to log into news sites with paywalls).
It makes it really easy to keep myself focused when I need to do something important, and it also makes it easier to live with some of the more annoying (but security-bolstering) browser settings I currently use.
Unfortunately it only took a few years for Apple to start sliding away from their own guidelines, and Windows was always less rigorous to begin with. And then the Web came along and blew the state of UX back to the Stone Age. Sigh.
I don't know if it's just me, but my feeling is that a Win 95 PC is far more "personal" than any modern smartphone. With a smartphone, you are limited by whatever the mass-produced OS and apps allow (and it's getting worse - more recent OS releases allow much less access to the filesystem, for instance), while a Win 95 PC was wide open and could be customized the way you wanted - in the extreme, the whole operating system could be easily replaced.
That is: when I use my smartphone, I feel like I'm a guest at a Google-owned hotel. When I use my PC, I feel like I'm at my own home.