No, that legislation is perfectly fine! It's the pesky websites who can't get their grubby hands off of private data. They could very well do away with some of the tracking, and have no popup at all, fully legally! But they all chose not to, and would rather annoy everyone with the pop-up.

I'd welcome a ramp-up of the legislation: outlaw the kind of tracking that needs the banners currently outright. I'm sure a lot of websites would just geo-block EU as a result (like how some did because of GDPR), but I bet the EU-compliant visitor tracking solutions would suddenly skyrocket, and overall, nothing of value would be lost, neither for the users, nor for the website administrators.