Sure, and that's a perfectly reasonable law. There's no "oh you actually can sell alcohol after 10pm as long as your customers fill in a 5 page form, which is what the EU has caused.

If you're using third party cookies you have to display a "please consent" button.

If you're not, then all you need is a privacy policy somewhere stating that you use cookies and that they are all first party.

That seems fair to me. I like to know if cookies are used or not regardless if they are site or third party only.

It's perfectly fair, but it's also extremely annoying. That's the whole point.