Conversion rates have almost always been in the 1% or less range for a significant number of advertisers on the web and I've been ranting about how absurd this is for decades at this point.

I sincerely wish we could get past this phase of advertising... imagine any other product where you're trying to extract money from 1% by annoying 99% of your audience. We don't have to tolerate this, and many aren't anymore (thanks to ad blockers)