- extras.example.net --> tracking company IP behind a huge CDN
- awesone.example.org --> tracking company IP behind a huge CDN
The sites are different, but when you visit them you're hitting the tracking servers who get to see you hit both sites. Even worse, they can set cookies on the the domain, which is why someone else said there are security implications.
I've been saying it for years. Eventually everything will appear to be first party and hitting huge CDN IPs. It's easy to do right now already. Go read the Cloudflare blog article on proxying Google Fonts via Workers. Then think about the Cloudflare Apps and how easy it would be to build an app that rotated first party CNAMES and used Workers to dynamically rewrite HTML to proxy the tracking to ad companies.
TLDR; We're super screwed.