It's not not just Chrome.

A better behavior would be selective approval. Extension asks for permissions for X, Y, and Z. You allow X and Z but deny Y. Any features affected fall back to an alternate state or are disabled. User is given clear access to control the permission states and clear feedback as to which permissions affect which features. Information about feature dependencies is available prior to install, particularly if they are arbitrary dependencies like "send us all your personal info or the software does nothing."

Is this going to happen? Probably not. Application-level firewalls help somewhat, in some cases, for expert users. Sometimes "use different software" helps, but there are many cases where that's not viable.