Ultimately, the quid pro quo of the internet- you must give to get- will persist.
Advertising is a major economic engine of the internet. It is well known that consumers receive free content in exchange for giving publishers, content producers, marketers the ability to deliver relevant and targeted ads.
Will this change with the demise of 3rd party cookies? Possibly in the short term, but in the long run cookies will be replaced with something better. There are many solutions today and more to come.
How will this impact the daily use of the Internet? It is possible that without targeting publishers could reduce content or at least require concise sign-in requirements and paywalls. Without user consent, content could be limited.
There is research that indicates consumers are not likely to pay for access to content.
There is no question on the importance of consumer privacy and safety. I believe brands, sites, and publishers can gain consumer trust if handled openly and with total transparency. Ultimately, the quid pro quo of the internet- you must give to get will persist.