It seems trivial to write a machine learning model that can correlate slowly drifting flocs with the other information. And this is especially true if one already knows the sites that the old floc has been visiting, for example via Analytics data, so you can predict the direction of the floc drift and uniquely identify the majority of web users.
Essentially, Google is not proposing limiting tracking, it proposes raising the entry bar into tracking so that a centrally placed company that can correlate all this data has a massive advantage. I wonder why.
And for the punchline, they call it... democratization!