It outright disgusts me that it's taken them this long to even start talking about how to fix the global disaster they caused.
I will be clear: Tracking cookies disgust me, as does the "analytics" rot that turn five paragraphs of plain text into a 5MB blob of CPU-burning privacy invasion. I use blockers in an attempt to fight the monstrosity the web has turned into, and if they break a site, I no longer turn them off, I just go somewhere else.
And from that perspective, a law that tries to at least force companies to ask about their abhorrent tracking systems is, conceptually, useful. It was the right idea.
But when the way you write the law creates a global disaster of "accept" buttons and buried, deceptively-named reject systems such that 99.9% of people just give up and click "accept" anyway, you screwed up. Badly. Their failure at consequence-prediction and lack of follow-up has wasted little bits of time every single day for billions of people, plus further expanded the infrastructure required to implement and circumvent it wasting countless person-hours of developer and designer time, and in the end has a vanishingly small real effect.
Seriously: There are a little over 5 billion internet users. If, as a conservative average, those people visit just a single website a day with a GDPR cookie pop-up, and it takes 1 second to click or tap "accept" (and alternately an average of 1 extra second to scroll so they can see what was under the pop-up) they have cumulatively wasted 158 years of human life every single day. Or, phrased differently, every year the distributed equivalent of 1.2 million full-time-job-years worth of labor is wasted clicking "accept", very roughly what it took to build one of the Great Pyramids.
Maybe that would be worth it, cumulatively, if it actually had the desired effect, but the reality is that the vast majority of people just click "accept" or ignore the popup entirely (which I assume is equivalent), so all that time was wasted for almost no real-world gain or change.
It's worse if people actually don't want to be tracked--some sites have a "deny" button that only takes a second to click, but many require clicking through one or two more pop-up screens, and flipping several toggles, to actually reject things. I'll guesstimate that half the sites I visit with a GDPR pop-up take 1 second to click "deny", and the other half take at least 15 seconds to actually get through the denial process.
If I optimistically assume that I only see a couple GDPR sites on average per day, that means that I personally spend maybe an and a half a year just working to click "reject".