That's nice, but Cloudflare seems to be missing the point.
No consumer is going to say "oh, now that you've provided me such a streamlined tracking consent experience, I'll give you consent to track me across sites to show me personalized ads". They'll just click the "reject all" option you're legally compelled to give them.
Also, the example includes a consent option for anonimized pageview counts data, which under GDPR you don't need consent for.
An approach that would really respect user would be to store traffic analytics anonymously (in a way that resists trivial de-anonimization, so with binning and stuff), and throw away the rest. There, no consent popup needed.