Google consent mode, GTM, CMP working together

I am wondering what your honest thoughts are with upgrading an old cookie policy to be compliant with legislation [UK/US], and then therefore work together with GCM and GTM? Pros and Cons. I have seen this work well with a couple of other ecomm sites I used to manage, where traffic suddenly increased, we had accurate consent from users, accurate revenue reporting etc, it made a huge difference. The downside was that it was fairly complex to install and implement, especially with GTM, all tags had to work directly with the new CMP, and any new tags would have to be configured accurately. I've seen so many websites that currently are not compliant and probably do not use any GCM, therefore probably have inaccurate tracking. What are everyone's thoughts, future versions seem to be that it's going to be mandatory for web owners if relying on accuracy of GA4 data?

 

Upgrading an old cookie can have several benefits, such as improved user consent, accurate revenue reporting, and increased traffic. However, it can be complex to implement, requiring accurate configuration of tags and close integration with the new CMP. Future versions may make it mandatory for web owners relying on the accuracy of GA4 data, making compliance crucial for accurate tracking.