Yes, they are giving users too much control over the cookies being set.
Same as a site that sends you spam, and one of the opt-out options includes ALL emails, including password reset, etc. Users get scared that they don't know what they will miss, and don't opt out.
It gives them plausible deniability for the wrong, while pretending to look good. The result is commonly as OP described - users eventually opting in.
But I don't believe it is innocent, nor do I believe that they somehow have convinced themselves that this is good for the user.
Perhaps I am just cynical, but I think that there exists reasonable doubt.