Replying to @pbannist and @r2rothenberg, @iab, @Bershidsky
There is no reason we can't have programmatic, it just needs to operate on signals other than Web-wide BT. SPO will beat a path to small players who know their audience well and can consistently deliver.
In the current system there is little value in building an audience unless you're a big brand with a subscription business. You don't control targeting it if the audience is valuable and you often do better driving clickbait from social media anyway.