I believe if you hit the X you can hide the ad and give a reason. The other icon takes you to an article that tells you how to change some settings, but it’s a web of options.

This setting might be related, as it should allow you to toggle personalised ads in sites that partner with Google. The article at least mentions this.

You can find a support article on how to report ads as well in case you see any real sketchy stuff, but I was only able to report a handful of ads that were later confirmed to not be violating any rules. Even though those were crypto ponzi scheme ads presented by Phony Stark. Google doesn’t care, they just want the ad revenue.