While it is absolutely true that most advertising is misleading and immoral and that advertisers should be treated like we used to treat lepers, legal sanctions are a bit much. A proper and more effective punishment for this kind of thing isn’t $3mm, it’s the people who make and approve these ads not getting invited to dinner parties.
In a better world, parents wouldn’t fall for such ads and people who purveyed them would be drummed out of polite society. And lawyers who filed suits like this would also be mocked and avoided. A pox on all their houses!