It could be an ad issue, or it could be. Product issue, or it could be a funnel issue, it it could be several of these together.
Hard to give any meaningful feedback unless you are able to share more info.
what are you selling and how? hard to really help without seeing the product and advert.
We blew 20k and made back only 6000 testing products before we found a winner.
It's a lot of competition really
Also, what is your targeting setup?