It's not because the way it's made it makes it easier for hundreds of untrustworthy companies to track you...
It says it's about respecting the privacy of users better but in practice it fails very bad at doing so the only thing it archives is allowing Google to disable cookie based tracking and with that makes it harder for 3rd party trackers to be google independent (it not harder for 3rd party trackers if they use/abuse the FLoC Id and generay there are many ways to track users which are not cookie based so especially when it comes to the very bad offender of invasive tracking it doesn't make a difference or becomes even easier, but some of the smaller google ad (and analytic) alternatives will have it harder).
It says it's about respecting the privacy of users better but in practice it fails very bad at doing so the only thing it archives is allowing Google to disable cookie based tracking and with that makes it harder for 3rd party trackers to be google independent (it not harder for 3rd party trackers if they use/abuse the FLoC Id and generay there are many ways to track users which are not cookie based so especially when it comes to the very bad offender of invasive tracking it doesn't make a difference or becomes even easier, but some of the smaller google ad (and analytic) alternatives will have it harder).