The first version worked exactly as you proposed. The UX however was meh. You'd place a monthly limit on your ad (outbidding) spend (eg. $2) and it ended up outbidding only some of the ads: those served by Google which were also outbid by your amount.
So from a user's perspective it didn't fully work. Also the ad space wasn't fully removed (perhaps due to technical reasons) but was replaced with a blank image. It also didn't catch on much.
So they tried to pivot and now the program works with certain cooperating websites to fully get rid of all ads but I'm sure bigger websites would rather be in total control of monetizing themselves and can spend on the necessary IT infra. similar to most online newspapers these days.
I think an advertiser (eg. a legal firm) might be willing to pay eg. $10 per ad impression but no user is willing to outbid it so I think the first model (outbid in the auction) is more sustainable and profitable for both parties but needs to have all ad exchanges on board.
So in short, it's been tried but wasn't an instant (or even a slow) success and idk whether Google will continue investing in it or not.
So from a user's perspective it didn't fully work. Also the ad space wasn't fully removed (perhaps due to technical reasons) but was replaced with a blank image. It also didn't catch on much.
So they tried to pivot and now the program works with certain cooperating websites to fully get rid of all ads but I'm sure bigger websites would rather be in total control of monetizing themselves and can spend on the necessary IT infra. similar to most online newspapers these days.
I think an advertiser (eg. a legal firm) might be willing to pay eg. $10 per ad impression but no user is willing to outbid it so I think the first model (outbid in the auction) is more sustainable and profitable for both parties but needs to have all ad exchanges on board.
So in short, it's been tried but wasn't an instant (or even a slow) success and idk whether Google will continue investing in it or not.