- It also doesn't seem too unlikely, given more and more talk of the possibility that "targeted" ads don't actually work that much better than non-targeted ones, and Google are in the best position to verify that. Switching to ad models that are not based on exact user tracking, as long as they have the monopoly position might be the best way to ensure future profitability before they lose their users due to privacy concerns. All the AI and other technical and other monoplistic (AMP, Maps, etc.) advantages might be good enough to beat any tracking-based competitiors.
... possibility that "targeted" ads don't actually work that much better than non-targeted ones
They don't and here is why --- if you search but don't purchase through a Google ad, you're likely to still see ads for the item following you all across the internet for months after you made a purchase elsewhere.
If you believe this, maybe you would like to buy a bridge?