> If that was the case, then why does the site from the EU first off track
If you are asking why there isn't a "reject all" button on their webpage then the answer is simple. There is one. The "Accept only essential cookies".
> and secondly why does it use a cookie banner rather than some other solution that would not be malicious compliance with the law?
GDPR (general data protection regulation) is about general data protection, not about technology. It applies the same no matter if you are using cookies or something else.
> Can a company go wrong implementing the same approach as https://european-union.europa.eu/index_en uses? Why is that considered malicious compliance with the law?
The example you've given is an example of compliance since there is a button to reject all tracking cookies. Whenever you read the words malicious compliance within the context of this discussion you can just swap it with the word illegal which is the correct word for the behavior that is being bemoaned here.