I think a market without advertising is sufficiently "alternative reality" that it's difficult to say what it would look like. The giant incumbents are only giant incumbents because of ads to start with.
In a world without advertising, our entire cultural approach to consumption would necessarily be different. Maybe it would be as you say. But, maybe we'd be more thoughtful and value-driven. Maybe objects would be created to last longer, and less driven by a constant sales cycle. Maybe craftsmanship would still be a valued aspect of everyday goods.
Why would it be difficult to say what it would look like? Humans and markets exist for many thousands of years. Advertising in its current form for a couple of hundred. Just look back in time, there were markets then too :)
In a world without advertising, our entire cultural approach to consumption would necessarily be different. Maybe it would be as you say. But, maybe we'd be more thoughtful and value-driven. Maybe objects would be created to last longer, and less driven by a constant sales cycle. Maybe craftsmanship would still be a valued aspect of everyday goods.