They've used the UK regulators as a very convenient excuse. But realistically the problem is that Google's DoubleClick has a monopoly on both sides of the ad marketplace. If that wasn't the case, the regulators would not have a problem with Chrome deprecating cookies.

So Google has maneuvered into this position skillfully and then blamed the regulars for not continuing on a pro-privacy path, while conveniently that also makes them the most ad money...