Checking if user has "Do Not Track" or its newer equivalent set and just triggering the same flow as if the user refused all tracking (outside of what falls under "legitimate interest" according to GDPR and not IAB) would be perfectly fine implementation.
"Do Not Track" has some problems with reputation, probably "Do Not Track Even The System Cookies" might solve all the problem such as repeating to see GDPR banners and Mozilla certainly will not make the "Do Not Track Even The System Cookies" as a default choice.
BTW I do not use much websites with that banners because they are for idiots. Good forums and torrent trackers don't have that because there will be always an anark spirit on the Internets, no matter how severe the censorship is going to be. And this part of the Internets is really better part than the opposite one.