The idea is that this is the bare minimum the industry needs in order to stop needing 3rd party cookies (and other tracking strategies).
It's not pretty but on the other end... ads do serve a function. And not all ads are bad. The focus should be on getting rid of the scammy ones, and not tracking won't help much with that.
Fuck the industry. The entire point is to get you to spend more money on stuff. I will do nothing to assist with the brainwashing of humanity, and will continually fight against it.
Tracking is used pervasively by the ad ecosystem today, but that doesn’t mean tracking is needed for ads to exist. Contextual ads are a thing. FLoC isn’t even replacing the most important use of tracking, which is measurement, not targeting.