A cookie policy with lots of legal jargon that's 5 pages long and impossible to understand is probably hiding the fact that the visitors are the only product of that platform.
On the other hand, if the cookie policy is straightforward, honest, and transparent I will be more likely to engage with that platform, even if I am the product. Less information will never make you safer or more well equipped. Especially in cyber space.
Think of it like getting a contractor for your house. Do you want the guy from Craigslist who only takes cash or do you want the licensed journeyman with insurance who invested in making sure he is well equipped and minimally liable?