Google has published an official help page on a new bidding strategy called Target CPC for Demand Gen campaigns.
With Target CPC, you can set average click costs at the campaign or ad group level, allowing Google to adjust bids in real time to meet your specified average cost-per-click (CPC) goal.
This gives advertisers granular control over CPC goals while leveraging auction-time signals like device, location, and remarketing lists.
Learn more in the official help guide here: About Target CPC bidding for Demand Gen.