Consent often involves more than just cookies. Consenting essentially allows them to use other tracking technologies beyond cookies such as IP addresses or browser fingerprinting.

This is also why the GDPR requires consent forms instead of relying on browser cookie settings, as it covers the intent of tracking itself as opposed to any technical means by which it is achieved (and this is why functional cookies such as for logging in or shopping carts don’t actually need consent at all).

The wording of these banners rarely suggests as much.

They talk about cookies, and little more.