EDIT: The official description [https://github.com/WICG/floc], does a better job in explaining the point. They try to cluster (="cohort") users interests and exchange that with the ad-service. This could maybe help to increase transparency and authority over your data as it's saved locally. But I don't see a way to limit the access to the users cohorts (they even say that themself, see link above). Everybody could access my interests - not just Google and other ad services. And of course, if you have 1000 categories and some meta information (region based on IP address etc.), you will be able to track down individual users with pretty good accuracy.