It blocks certain tracking features, not advertising per se. Ads would and does continue to exist, it's just slightly less adjusted per-person based on tracking said person.
Tracking does not increase content revenue. Advertisers pay as little as they can get away with while demanding as much tracking as they can get away with.
If they can get away with less tracking their ads will be less effective but revenue for the content creators will not be affected because it is ‘as low as they are willing to go’.
It does, it increases marginal advertising efficiency, which makes more ads economically viable, which then increases ad spending, and creator revenue.
That is as weak an argument as the argument that extending copyrights for works by dead authors ‘promotes the progress of science and useful arts’ because it funnels money to people who are involved in creating works.
If you accept that kind of argument you can justify just about anything.
