Especially the focus on "illegal" content and political advertising only (as opposed to, say, advertising as such) makes it appear not as an attempt to improve the situation in general, but rather to carve a bigger slice of the extant lucrative pie for certain interest groups.
> EDPS said gatekeepers should provide an easy and accessible way for users to consent or decline the use of their personal data by the companies for their other services, and that there should be tests to ensure personal data is effectively anonymous.
Users will consent to anything, especially if they have no choice, and any tests can and will be gamed. Ultimately if the problem is to be solved it would require a more novel approach than this.
> The proposed European Commission rules will need to be discussed with EU countries and EU lawmakers before they become law, a process which will take 16-24 months.
The implementation deadline seems excessively long to me. A lot can change within this timeframe, rendering the laws obsolete before they even come into force.