Facebook is celebrating all the wrong things. It advocates tuning out the people around you to see what else is happening that must be more interesting elsewhere. It foments FOMO.
Which sounds incredibly effective with the aforementioned target audience.
You could make the argument that he's talking less about the ads being ineffective and talking more about the ads being deplorable, which is fair -- but why does that matter? I can't remember Apple deployed a marketing strategy without the world 'magic', but I still think they're a great company.