Google Ads has introduced a new “limited by bid strategy” indicator that notifies advertisers when a campaign can achieve better conversion value while maintaining a similar return on ad spend (ROAS) or conversions at the target cost per acquisition (CPA) with a value-based bidding strategy. Although the notification raised concerns about the deprecation of manual cost per click (CPC) bidding, Google clarified that no action is required by advertisers and the indicator is currently just a recommendation. This feature may be beneficial for Smart Campaigns, particularly for diagnosis purposes.

source: Google Ads explains ‘limited by bid strategy’ status amid manual bidding concerns