Regulators did warn Google NOT TO block third-party cookies before they provide a replacement, UK CMA accepted the latest proposal from Google: https://www.gov.uk/government/news/cma-to-keep-close-eye-on-...
Apple's tracking rules also raised a lot of anti-trust concerns, giving advertisement in App Store unfair advantages among other ad platforms. Latest from German Government: https://www.bundeskartellamt.de/SharedDocs/Publikation/EN/Pr...
Banning third-party cookies will increase the gap between Google, Microsoft, Apple and other ad platforms, because they can still track you based on your account (e.g. Gmail, Hotmail, iCloud). It's a huge red flag for antitrust cases they are facing (especially Google).