The writing is on the wall
GDPR* recital 72 explicitly subjects profiling** to GDPR so it is hard to see how targeted ads based on user profiles could survive in the long run, especially under GDPR's consent regime***. I suppose it will take quite a while for this work its way trough the courts though if Facebook's efforts to obstruct**** are any indication. The first significant blow to Google seems to be coming sooner though:
This seeks to enforce the recent ECJ 'Schrems II' judgment (in a nutshell: data transfers to the US are illegal due to insufficient data protection over there); the thing is that this particular complaint is on fast track to the ECJ (instead of the usual detour via national courts) because it is against the European Parliament (for an internal website apparently making use of Google Analytics, among other things).
** defined as: "any form of automated processing of personal data consisting of the use of personal data to evaluate certain personal aspects relating to a natural person, in particular to analyse or predict aspects concerning that natural person's performance at work, economic situation, health, personal preferences, interests, reliability, behaviour, location or movements" (Article 4(4)).
*** Article 7, in particular Article 7(4): "When assessing whether consent is freely given, utmost account shall be taken of whether, inter alia, the performance of a contract, including the provision of a service, is conditional on consent to the processing of personal data that is not necessary for the performance of that contract."
**** 7.5 years so far, might be coming to an end relatively soon though: https://noyb.eu/en/irish-dpc-agrees-decide-swiftly-facebooks-eu-us-transfers