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I have no evidence to back up this claim, but I think iAd matters for iOS App developers, which seems to be the sole objective from Apple's perspective. Apple clearly has no interest in having a large ad business.

iAd is merely an additional incentive to sustain the iOS App ecosystem. I have not looked at iAd lately. What I do remember from its launch was that it was targeted at brand managers and budgets. It had little in common with adMob (which was untargeted and hence mostly attracts app developer budgets).

The challenge for brands is that mobile audiences are difficult to engage and iAd was an attempt to solve this problem.

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