I don't know whether they really could. It's not just an issue of matching ads, it's also an issue of having relevant ads.
I use adblock by default, so I have no ad-profile at Adsense that they'd use to show me "relevant ads". When I occasionally have to debug some issue with ads somewhere, I'm essentially getting the context-sensitive, not-personalized ads, and they're terrible. At least to me they look as if they were using very simple keyword-matches with little regard to context and primary language. It may be that they don't care to invest more, but it may also be that they don't have enough ad buyers that care for unpersonalized ads so they simply don't have a large pool they can choose from.
I'm also not sure that "cookie-free" would be enough, really. If you're loading ads directly from Google, the user makes the request and can therefore be tracked by Google. Even with Google Analytics and anonymizeIp, at least in the medical sector in Germany, GA is considered opt-in only. In that sense, I'm not sure a central service that delivers ads for you can work without requiring consent.
What very much should work would be a server-side system that's sale/lead-based, where the service would crawl your site, manage your affiliate programs and create ads for you that you'd then insert into your site. That way, no third party learns anything about the individual user and you don't require consent.
I use adblock by default, so I have no ad-profile at Adsense that they'd use to show me "relevant ads". When I occasionally have to debug some issue with ads somewhere, I'm essentially getting the context-sensitive, not-personalized ads, and they're terrible. At least to me they look as if they were using very simple keyword-matches with little regard to context and primary language. It may be that they don't care to invest more, but it may also be that they don't have enough ad buyers that care for unpersonalized ads so they simply don't have a large pool they can choose from.
I'm also not sure that "cookie-free" would be enough, really. If you're loading ads directly from Google, the user makes the request and can therefore be tracked by Google. Even with Google Analytics and anonymizeIp, at least in the medical sector in Germany, GA is considered opt-in only. In that sense, I'm not sure a central service that delivers ads for you can work without requiring consent.
What very much should work would be a server-side system that's sale/lead-based, where the service would crawl your site, manage your affiliate programs and create ads for you that you'd then insert into your site. That way, no third party learns anything about the individual user and you don't require consent.