Not at all. The previous pop-up gave you the opportunity to switch off every item individually. What do you think would happen if new items were added?
The new button sets a new default that affects new options for data collection. And yes, adding one new field that affects user configuration across all Google properties (or even two major Google properties, such as the main site and YouTube) is a one-quarter project. Privacy review, legal review, data storage assessment to make sure an additional Boolean isn't going to blow a limit somewhere, thinking through all permutations of options users could already have set to make sure that this new feature doesn't break existing user configurations... Hell, they probably had to do analysis to make sure that you couldn't uniquely identify users based on the setting because of how many / how few people would click reject all. And did they roll it out everywhere or just in europe? Europe only requires additional work.
It's a big corporation, extrapolating how it works from small corporations leads to inaccurate conclusions.