alt Hacker NewsIf the implication is that the ad industry helps to address the problem of buyers having imperfect information, that couldn't be more wrong.
The entire point of the ad industry is to muddy the waters and psychologically manipulate consumers. It's not even remotely interested in informing, it's interested in propagandizing.
Obviously a gigantic industry has more than a singular impact on society. I only mentioned the one impact above because that was specifically the topic of discussion.
There are also many reasons that the ad industry needs to be tightly regulated, of which your point is one.