Earlier quoted context omitted.
The new path is they aren't deprecating third-party cookies anymore. Instead they're going to "introduce a new experience in Chrome that lets people make an informed choice that applies across their web browsing" (in the 4th paragraph).
It'll be like Android's location sharing with Google. Nothing works unless you agree to a wholesale google location surveillance. Then they can say you agreed to this.
You can disable the "send a list of nearby cell towers to Google's live database" setting, the "send a list of Bluetooth beacons to Google's live database" setting, and the "send a list of WiFi networks to Google's live database" setting, all without losing location access. Your location access will become a lot slower, but that's just a consequence of having to rely on GPS again, like we did before all of these extra features became available.
Google is even making their location history feature worse because they don't like how many blanket location history requests they're receiving from authorities, by moving location history to be stored on-device.
For years Google lied about consent users supposedly gave for some types of location tracking, but after they got found out (and the authorities got involved) they changed their tune.