Can confirm. I've spend over $1000 as a test and I see even worse results. Absolute garbage compared even to cheap garbage paid social traffic.

Would be interested to see if the data, if you are prepared to share.

I've been running ads in ChatGPT for about a month now. From an advertiser perspective performance is closer to social media and than to Google Search ads. Organic ChatGPT traffic comes super engaged and spends a ton of times on the website and does convert. Paid ChatGPT traffic is miles apart, quite disengaged. The platform is bare bones, same goes for reporting. Targeting is a bit of a black box and the results seem to reflect that.