A mix of both would be great. Something where your target your ads based on the content only, like the old days, and you don't need to know your customers at all. Only what you guess they're most likely to be interested in.
Put gaming ads on twitch streams, or pay a youtuber to be a sponsor. They're plenty of ways to "target your ads" while not needing to gather all the information you can possibly gather on every single individual in the world