Additionally, user retention has dropped. At the same time, Meta blocked account deletion across its services (Instagram and FB), citing "technical issues." They also said that accounts wouldn't be deleted for 1-month from customer request. Convenient, eh?
So how does Meta report such huge earnings? Well, one way could be that Meta is generating fake account traffic to drive those numbers. Companies paying for ads don't know any different, because you're paying for impressions, not engagement/convergence (e.g., clicks).
The is why people say to delete your account, not just to delete the app. Meta need your account to be active to generate that fake traffic and rake in that ads $$.
Meta isn't the only corporation that leverages this tactic (i.e., generating fake ads traffic using customer accounts). Any corporation reporting a surge in Ads revenue is likely leveraging this tactic.