Maybe it's short sighted but I don't think it will have any important or long lasting effects that will change the crypto industry when it comes to advertising.
Agreed, Long term it's not that effective. Bitcoin grew with nearly no marketing, the protocol of it spoke for itself. I'm sure once other projects deliver somewhere near that caliber, we will see the same effect.
To add, most projects are pure trash if they go about the advertising route (before even having a product as well). It's kind of a blessing in disguise in my opinion.