I just flat out disagree with most of the premises you have shared here. Also I don't understand how something can be wrong or right in an 'academic sense' but fine:

>They distort the product market as they favour those players with the highest marketing budget, rather than with the best product.
Presumably the companies with the bigger budgets have that money to spend because they have a better product. When people buy your product, you have money to spend, and then you go and spend it on marketing and advertising (which are two separate disciplines, I won't get hung up on that but just know that using those two interchangeably betrays a lack of critical understanding). I can think of very few companies that became market leaders solely because of advertising while selling an inferior product. Beer/alcohol springs to mind, but even there I could argue that taste is subjective and that image is a huge part of what people are drinking regardless so much like fashion, customers are buying the label as much as the utility.

> They distort the media market as getting people to look in your direction is the only thing that has value. Clickbait and fake-news are a direct result of advertising, and wouldn't exist without it.
This is also wrong-ish. People didn't tune into a TV show because of the advertisements that aired between commercials, they tuned in because of good TV. The better the TV show, the more money they could command from advertisers because of the audience size. They wouldn't invest that money into more advertisements, they would invest it into making better TV. Now, with clickbait you have a bit of a point - but that's more of a systemic issue. When people started giving content away for free, newspapers crashed as content moved online. Desperate for an audience, advertisers used yesterday's model (look for the place with the most eyeballs) and started migrating over there. There was a period of time where buzzfeed and clickbait reigned supreme for that reason, but that's starting to change as advertisers get wiser about where they are positioning their company. Respectable products tend to dominate respectable sites and clickbaity sites get filled with less respectable companies. It's far from perfect, but again - this is about the method, not really advertising as a practice. I don't see the connection with fake-news at all. Fake news happened because people were glued to their newsfeeds. If anything advertisers are terrified of fake news because it hurts their credibility to show up next to it.

> They are an attempt at manipulation. People have to constantly expend the energy to counteract that manipulation. I also believe this to be a big factor in the decrease in trust in media. Since the stuff that is meant to inform you is always surrounded by stuff trying to manipulate you, how could you ever build trust to it?
Are reviews an attempt at manipulation? Maybe you think they are better because they are a third party... but at the end of the day they are just trying to tell you one product is better than another. If "attempts at manipulation" are bad, then we should get rid of all review sites. If your issue is that the company is saying their thing is best, when maybe it isn't, what company in their right mind would say "hey, our product sucks". Do you have an issue with sales or selling in general? Is the very act of getting someone to try and buy your thing a cause for societal ill? As for people constantly expending energy to counteract this manipulation, this is my least favorite line of argument around advertising. It disrespects people and treats them as weak minded simpletons who have no thoughts other than what they are told to think. At a certain point you have to respect people and their ability to make decisions for themselves.