I don't think we need legislation that is overly prescriptive by saying "this is the particular feature of the current web that you need to use to be privacy compliant." That's what was wrong with the cookie law, and was one of the improvements the GDPR made - it didn't prescribe any particular solution for advertisers, just told them "you can't do this kind of thing."

That is the basis of a good law (prohibit a specific behavior, not the implementation thereof). In that lens though, Apple's proposal is a solution in search of legislation, which screams "regulatory capture" to me - another reason I'm against it.