They have a draft specification : https://wicg.github.io/floc/
I personally agree with what the EFF says. https://www.eff.org/deeplinks/2021/03/googles-floc-terrible-...
https://www.google.com/amp/s/blog.google/products/ads-commer...
As well as there is plenty of techniques allowing device fingerprinting that Google (might) use.