“FLoC is meant to be a new way to make your browser do the profiling that third-party trackers used to do themselves: in this case, boiling down your recent browsing activity into a behavioral label, and then sharing it with websites and advertisers.”
Google kills the third-party cookie and calls it privacy. Then it moves the tracking into Chrome itself and hands every site a label for your habits. The ad business doesn’t lose anything. Google’s competitors do. The browser stops being your agent and becomes Google’s.