My take: there’s many more user preferences (and always have been), that have effect on accessibility, usability and privacy. Cookie usage is just one of them, others are language, geolocation, dark/light theming, etc.
Judging from user perspective, level of implementation of these preferences has historically been a holy mess. For example, for one of the oldest preferences, Language, sites would commonly just take them as nice-to-have, if not ignore it completely. Geolocation is a different story, it looks like the way things are set up, site just has to ask your browser for help so it’s harder to ignore it. Dark/light theming—I don’t actually know where we are but is seems it’s slowly getting better.
Technically, I don’t see why data usage consent (cookies or not) could not be just another item in this list—in theory there must be better ways to deal with it than adding HTML dialogs.
I don’t know if there’s some standardization process going on somewhere, but it looks like we need it. These things take massive amount of collaboration, which just won’t happen until the Mozilla’s and Google’s of the world are “forced” to.
So I appreciate government bodies stepping into this in terms of simply mandating that (but not how) service providers must respect user preferences. Telling them how to do it on a technical level is another question and I can’t imagine anyone, let alone average regulatory body do this right on the first attempt.