Another approach with overlapping effects is to make companies extremely liable for misuse or mismanagement of personal information.
There would still be advertising, and maybe even some personalized advertising, but in many cases they might decide the risk isn't worth it.
It would also impact data-brokers and operations that don't strictly rely on direct-to-consumer advertising, like background checks, but credit scores, sales leads, etc.
I'm extremely skeptical that there's any meaningful reform to be had with liability for misuse. Demonstrating misuse is a substantial legal hurdle that no one is going to litigate in court. Even with severe and proactive enforcement, it'll just incentivize shell companies to act as liability shields.
There would still be advertising, and maybe even some personalized advertising, but in many cases they might decide the risk isn't worth it.
It would also impact data-brokers and operations that don't strictly rely on direct-to-consumer advertising, like background checks, but credit scores, sales leads, etc.