This is not true, unless by “respect” you mean “do not collect any at all”. I would argue that you could respect users’ data without implementing data takeout, for instance. I would also argue that cookies not used for tracking do not need disclosure for users to be respected

Anyway, the only companies that will end up being able to collect data at all are there very biggest ones. Everyone else will have to just fly under the radar or use some kind of SAAS solution to comply with the patchwork of regulation. Not sure that’s really the desired outcome