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European Union set to revise cookie law, admits cookie banners are annoying
(www.techspot.com)
This is a most excellent place for technology news and articles.
The reject all is already a thing. (Well is not all all, but reject all except necessary but those doesn't matter much, they are not tracking).
That said usually is not called this way as obvious, sometimes is just "reject" without the all, "accept only necessary", "decline", etc or you have to close the banner etc or they use some other confusing pattern.