That is not the reason at all.

Google was very new when the EU proposed these laws in 2000. It certainly didn't have a browser.

I think the privacy provisions and disclosures required under GDPR give users more useful information (ie they now actually need a privacy policy), and Cookie popups are just a silly distraction that offer no further value. We open so many web pages, so quickly these days, most users are not making informed rational decisions about the popup - they're just clicking it to make it go away. They both annoy users and give them a false sense of improved privacy protection.

The blocking of third party cookies by browsers, and proper privacy disclosures are a much better solution.