[zo1]

Then they need to be that explicit in other places too for consistency. Technically 3rd Party cookies also allow the same (tracking your browsing history, and other "worst case" results), but do they present it that way to the user when the user starts up Chrome and/or loads up google.com?

Try analyze these things while wearing a tinfoil hat. Google wants to gimp extensions so that we're one-step further away from tampering with the precious data pipe that Google wants from their servers to the user's monitor/eyeballs. If it gets in the way of that, they will neglect it (whether purposefully or conveniently unintentionally like these seemingly benign wording).