I think this is fairly commonly understood in the UK/Europe at least where they tend to mandate this rubbish. Surely the law should just state that Necessary only is the default... On some sites you have to drag 10s-100s of sliders to turn off all of the optional cookies. This is a good way of knowing a site I don't want to visit!
Fun fact: you already can have a site that only has functional cookies without needing a cookie popup. Of course companies would really like you to accept advertising cookies, leading to the horrible state of every site now having a cookie popup.
I'd be much happier if the rule was: necessary for functionality only, no action required. Anything else must be an active choice. I'd eliminate the "legitimate interest" category as it's so heavily abused.
In practice I have third party cookies disabled in my browser and most things still work fine - random exceptions though (the SAS airline website being a particularly annoying one).
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