I would say that most of the people are not aware of most of the privacy issues. People should be educated about all of the privacy implications that they incur in a every day life. Something like this would have little impact if people don’t understand the importance of whatever the notification is trying to say.
Most people would still click on accept without even reading it.
People should be aware and they should be the ones making pressure for legislation like this to be created in order to protect their personally identifiable information that is exchanged between third parties in about every operation they perform nowadays in the Internet.

How do we make them aware of such privacy issues I don’t know.