In my experience this just opens or expands corruption. You pay your way to be able to be "approved" by the authority.

For example, the legitimate interest. Who determines that? The authoritaa. But then the authoritaa might approve Google and disapproves small-naughty-trackor. Both are doing the same privacy invasion. So why one gets a free pass and another is reprimanded.

Even if the current regulator (persons) are honest, they are not irreplaceable. Maybe the guy after them will be corrupt. And since there is a lot of money here, money corrupts.