Agreed: “legal graft” might be an even more apt term. Campaign finance in the US is an embarrassment.
The problem with campaign finance reform is when they do it, they just make more loopholes and enlarge the loopholes they have. Pacs and super pacs are relatively new to the political scene, a results of campaign finance reform.
Third party political ads is also relatively new. No limits on them. Prior to several campaign finance reform acts, one had to donate directly to the candidates, although there were no limits way back when. But it was the candidates and the candidate's organizations that ran the ads. You knew who to blame or give credit to. We have a real mess on our hands now.