Yes and no. For ads to make any kind of revenue, you first need an user-base. And if the first thing you do is riddle them with ads, it will probably really hurt the sales.

So, the first generation of smart glasses should be pretty OK as far as ads go. Of course, they will gradually introduce them, but that will hopefully take several years before we get to that point.

And inevitably some FOSS/privacy focused alternative will show up, just like you have with GrapheneOS, PinePhone and similar. Or, assuming they will let developers side-load their apps without going through proprietary store (which may be unlikely, given the current trend of locking everything down - on the other hand, there is a pretty large market of developers who wouldn't touch anything Apple-level of closed and someone will definitely want to cash in on it), you will eventually get OCR ad-blocks for billboards outside. I bet that would be one of the first apps developed once possible.