Im pretty sure it is illegal. In my understanding, it must be equally easy to reject and accept. And the website MUST continue working under either choice. Which is not the case here.
I think the lawmakers should have made all forms of tracking illegal instead. That would make law writing and following easier. And closer to the spirit of what they are trying to accomplish and what everyone wants (except you Silicon Valley O.o)
I hate the tracking too. But how to websites monetize free content otherwise? Advertising doesn’t work if you can’t price it. Without tracking, everything becomes a paywall.