My understanding is that under some interpretations of recently still valid EU regulations it's legally required to have some sort of explicit cookie notification and consent.
I'm willing to be corrected, and specific references would be especially valuable.
I ignored them from day 1 and I'm fairly confident in that this will not lead to any trouble on my part. The best ones are the websites that block access until you've clicked the 'I agree' button without an 'I disagree' option (that still allows you to view the content).
The UK requires a cookie-consent to be accepted before any tracking is performed. Caused a bit of an uproar a year or two ago but nobody seems to mind now.
Don't do that.