The modern web depends on embedding third party content for many reasons, most of which have nothing to do with invading anyone's privacy and many of which are directly in the visitor's interests. It is not helpful to undermine that whole ecosystem and expect everyone to start having formal contracts in place before they can take advantage of any of those services. Nor is it reasonable to expect services offered for free that aren't doing anything shady to take on significant liability and/or other commitments anyway through formal agreements with their users. Why would they do that, instead of just (as obviously quite a few places already have) geoblocking the EU to remove themselves from the scope of the onerous rules?