It will work, but we need working regulations, like the (not ideal) cookie law in the EU.
But there is no will, means money are more important than people's privacy.

It works in Geizhals.at (meaning "cheapskate", it's a price comparison website primarily for tech), where you get a short notification "We detected Do-Not-Track. Cookies are off."

It's what could have been the DSGVO/GDPR cookie banner, but website hosts chose to go another way.