The problem here is not the law, but malicious compliance by websites that don't want to give up tracking.
"Spend Five Minutes in a Menu of Legalese" is not the intended alternative to "Accept All". "Decline All" is! And this is starting to be enforced through the courts, so you're increasingly seeing the "Decline All" option right away. As it should be. https://www.techspot.com/news/108043-german-court-takes-stan...
Of course, also respecting a Do-Not-Track header and avoiding the cookie banner entirely while not tracking the user, would be even better.
Laws need to be written well to achieve good outcomes. If the law allows for malicious compliance, it is a badly written law.
The sites are just trying to maximize profit, as anyone could predict. So write better laws.
So maybe “malicious compliance” is a misnomer. We should just call it "illegal dark pattern".