Not supporting GPC (the DNT successor) directly contradicts the "respecting users" marketing fluff. I suspect the main reason why there is a "reject all" button is that Cloudflare folks rightly figured out that they are too big to get away with not providing one. Otherwise noyb.eu will say hello. OneTrust etc. are doing the same, there's nothing more user respecting about this solution.
If Cloudflare is serious about privacy here, they should at least respect GPC and not provide customers with an option to disable it.