Do ads have to be annoying to work?

I have long held the belief that advertising can be effective without being annoying; that advertising that is respectful, additive and relevant will ultimately rise to the top.
Unfortunately market forces don’t always seem to agree – annoying advertising continues to thrive, and the rise of adblocking feels inexorable. So am I wrong? Or is there a path to advertising that is both mindful of user experience and effective for those paying for it?
We’ve spent the last year s