The problem isn't technical - the problem is that ultimately spyware operators want to track people so it isn't in their interest to support these solutions and won't do so unless they are forced to. Since enforcement is significantly lacking, operators adopt the pragmatic strategy of non-compliance or pseudo-compliance with the current banners.
And way before that (before spyware became common on the web) there was P3P: https://en.wikipedia.org/wiki/P3P
Now there is Global Privacy Control: https://en.wikipedia.org/wiki/Global_Privacy_Control
The problem isn't technical - the problem is that ultimately spyware operators want to track people so it isn't in their interest to support these solutions and won't do so unless they are forced to. Since enforcement is significantly lacking, operators adopt the pragmatic strategy of non-compliance or pseudo-compliance with the current banners.