I agree but I don't watch TV so I don't bother. Yet... I still hate product placement so I might be interested in such a solution. Anyway here is how I would do it :

• evaluate what exists, e.g SponsorBlock, and see what's the closest that fit my need, try it, ask in forum or repository issues if modifications are possible
• gather videos of the typically problematic content, say few hours to start
• annotate them by adding the time stamps then the location on the image
• replace problematic content with gradually complex solutions, e.g black, average color of the area, denoising (quite compute intensive)
• honestly evaluate the result
• consider the biggest problem, e.g here on first pass fixed content so a detector based on machine learning for the type of content could help
• iterate, sharing my result back with the closest interested community

Honestly it's a worthwhile endeavor but be mindful it's an arm race. There are a LOT of smart people paid to add ads everywhere... but there are even more people, like you and I, eager to remove them. IMHO the key trick is, like SponsorBlock, to federate the efforts.