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I have this problem with a site which is about "Widgets in Freedonia". I get swamped with non widget ads by Freedonia based advertisers while my readers tend to be interested in widget based topics rather than Freedonia based topics.
I'm opted out of 'interest based ads' but do allow third party.
I'm also seeing untargeted ads for "fadal machine replacement parts". My site has nothing to do with fadal machine parts. It can't be interest based because I have no interest in fadal machines. In fact, I don't even know what they are. I visited a competitors site and it's also showing fadal machine ads.
With regards to IBA.. I can clean my cookies, wipe history, flush the DNS, reboot, open a browser, open the page(s) and I'll still the totally wrong ads.