That's not google reminding you of privacy settings (in fact if you want to change those this menu is highly impractical with a lot of nesting). This is google making you agree with their T&C to go any further.
Isn't that effectively a legal requirement? That users must make some sort of actual confirmation step to acknowledge the terms for them to be legally enforceable?
I mean, look at my submission/comment history, I'm literally the voice of Google criticism on this website. But it's hard to see how this little diversion has to do with pop-up ads. It's not advertising, first and foremost.