The point is you’d have one browser setting that would make all the obnoxious cookie consent pops disappear. Making laws is one thing, enforcing them is another, however.
It doesn't preclude a website from storing cookies, and therefore doesn't relieve it from the obligation (at least in the EU) to show an obnoxious popup
While the law has flaws, it's very frustrating to see people misinterpreted it, instead of reaching the correct conclusion that the vast majority of websites are spyware. And that it's not EU's law to blame, but rather standard internet practices related to analytics and the serving of ads.