If advertisers felt motivated enough, circumventing PiHole would be trivial. Since all they do is block DNS requests based on a blacklist, an ad company just needs to serve their content from a trusted domain. Google owns plenty of domains which few PiHole users are likely to tolerate being blacklisted. They already do this with ads on YouTube.
Youtube ads are not a problem because of uBlock Origin / Newpipe etc... I have not seen an ad in Youtube in more than a decade.
But you are right. This could motivate them to move to a single domain for all Google content. But this is just another escalation in the adblock arms range. uBlock-style blockers would proliferate.