No, they literally can't. The UK Competition and Markets Authority made Google promise they won't remove 3rd-party cookies from Chrome before adding alternatives.
Google isn't allowed to stop others tracking you without also removing their own ability to track you because that's anti-competitive.
So, what did the regulators actually say, and does it in fact allow Google to turn off third-party cookies without any replacement? If it does, then this is Google's fault for adding this feature in Chrome. If it doesn't, then this is the fault of bad regulation.
So if they are rolling out a UK mandated feature globally there is no question that Google is all for it.