Not if this becomes the default in browsers with meaningful market share.
Also, blocking people who use privacy settings can be legally iffy. Many sites are already on thin ice, telling people to use their browser settings if they don't want tracking cookies. Forcing tracking like that sounds like a recipe to receive an expensive lesson in GDPR.
You are right, but in practice it's a catch-22 situation. If companies start blocking privacy-aware browsers, then people will not use them, and they will not get market share.
Also, blocking people who use privacy settings can be legally iffy. Many sites are already on thin ice, telling people to use their browser settings if they don't want tracking cookies. Forcing tracking like that sounds like a recipe to receive an expensive lesson in GDPR.