Google and Meta could behave like normal companies and require users to pay them money and not sell PII. If that makes them far less successful that's good news for competitors.
I don't think its legal, considering that not too long ago even here on HN there was a post about "Pay or Okay" not being considered legal https://news.ycombinator.com/item?id=38458660
Some further articles/document about it:
https://noyb.eu/en/statement-edpb-pay-or-okay-opinion
https://www.edpb.europa.eu/system/files/2024-04/edpb_opinion...