Analysis of economic and productivity losses caused by cookie banners in Europe

Laws are best when they are abstract, so that there is no need for frequent updates and they adapt to changing realities. The European "cookie law" does not mandate cookie banners, it mandates informed consent. Companies choose to implement that as a banner.

There is no doubt that the goals set by the law are sensible. It is also not evident that losing time over privacy is so horrible. In fact, when designing a law that enhances consumer rights through informed consent, it is inevitable that this imposes additional time spent on thinking, considering and acting.

It's the whole point, folks! You cannot have an informed case-by-case decision without spending time.

Forcing me to make an informed decision where I don't care about the result is the one of the major ways of wasting my time.

If you wanted to create a good law about this you should make it so I only have to make a case-by-case decision if I care about my privacy (as it's currently exploited) and do nothing if I don't.