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That doesn't really work long term. "necessary to render service" might include advertising dollars. And who is a "third party"... If ad networks reorganize into a cooperative that offers services directly to publishers in the manner of AWS, are they still a third party? And user consent, what if it becomes a requirement to consent before you can access data, or opting out gives you diminished functionality...

None of that is far fetched. Facebook, Google, Apple etc. all track and use first party data. If anything this just consolidates advertising power into the hands of an oligarchy that's already largely above antitrust law.

The law is never simple, exhaustive, or agile when it comes to regulating technologies.

GDPR has been the most successful of the bunch and all it really did was force a bunch of cookie notices and deletion processes. That still largely depends on people being lazily accepting advertising.

Any proposed law that singlehandedly destroys ad tech is unlikely to either pass or stay relevant for more than a few months.