"well, I'm not sure if they're going to start collecting or using my data, because I don't actually really KNOW that or the extent of everything, just an email from them with a vague update to an equally vague privacy policy that I apparently implicitly agree to if I don't discontinue using their service."
Just like a manufacturer/seller on say, amazon shouldn't be able to revise their product with cheaper quality under the same model number (and yet it happens all the time), changes to the agreement of a service should be treated as a new service.
Whatever the solution, it should be a big enough deal that it cannot be implicitly agreed to, and clear enough language (maybe vetted by a third party review of the agreement) to communicate to all users, what is at stake and how, to which third parties, etc.
"Ok" then "Customize" followed by a bunch of checkboxes to disable cookies while the "accept all button" is where typically "OK" would be and the "reject all" is often labeled something else that isn't clear.
This is also not often remembered on future visits so you end up doing this dance every time you visit that site.
"Most" may be correct, but given how annoying those banners are I would not read too much into that.
What an easy choice to be nagged at every new website.
GDPR proves this wrong. Most people click OK/accept even in front of relatively clear information (to be fair sometimes the options are "accept for you to be tracked and shared with 'our partners' or pay a subscription/fee", which is an easy choice for many.