While I would love to see this for many reasons, I'm not convinced it would eliminate all tracking/data collection on its own. For example, in this case Google provided seemingly good, "non-advertising" related reasons for this data collection. Companies could do this to justify just about anything that they wanted to collect. However, banning behavorial based advertising without any loopholes (eg - users are in South America, servers are in EU, but the law only impacts services where both users and servers are in North America) would hopefully lead to a sharp decline in the market of shared/sold data. So while it would help change the current landscape where we are giving up our privacy in exchange for companies' profits, we would be giving up our privacy for (presumably better) services. In that case, at least consumers are (ideally) able to directly benefit from the data that they are sharing/giving up.