That’s one possibility. It’s also possible that you have decent privacy settings keeping them from knowing too much about you, or they simply use a shitty ad network that’s bad at targeting. Even the major ones are impressively bad.

There also aren’t many advertisers interested in these ad slots since they know people watch them only for the reward, and games are also a frequent source of ad fraud (I think), so serious advertisers avoid them.

Also, mobile gamers are likely not the most attractive audience for the high paying stuff.