You are getting Instagram ads for shitty freemium mobile games because everyone else does. This isn’t shitty targeting, it’s just bottom of the barrel spray and pray advertising. There’s a reason that Apple is addicted to the revenue from casino games: there’s a lot of it out there.
Yep, I would wager that you have probably opted out from as much profiling as possible. Which means you are served the stuff which targets "everyone", i.e. the people for which they have no profile or can't use it for targeting. And currently that category (on mobile) is casino-games.
It's like if you open YouTube in incognito. It will show you whatever clickbait is most likely to catch an "average" YouTube-user from your country. It's wildly different from what you are seeing signed-in.
