The problem is, in today's world, where companies like Facebook and Google only exist because of lack of informed consent, you'd find the amount of lobbyist pressure not to pass such a law staggering.
Although I agree with you, I'd say it's just as much because of massive apathy as lack of informed consent.
I can't even bring myself to use Facebook with how little I trust them with my information, but my friends are comfortable logging every place they go in it for the whole world to see? I can't live in this world...
There's definitely a lot of that too. But sometimes I'll tell a casual user to check out the Google Location History page, and they're SHOCKED to see Google knows where they are all the time. Many people are basically apathetic about it, until they're confronted with the full scope of how they're being tracked.
This isn't to say Facebook is better, it's just far easier to surprise someone with Google because Google makes it possible for you to see what they know about you. It's safe to assume Facebook has the same information.
I was already aware that they were doing it, but I was still shocked to see it in the Google Maps App (Menu-Your timeline).
Just seeing all that information about me with a nice calendar interface of where I've been on any date, I found very confronting. Up until then I had it in my mind as some ethereal "I know they have that information", but it's just so easily accessible it's scary.
And the creepy notification popups asking me for more information about places that I've been... Creepy.
It's still turned on for the time being, because I'm vaguely curious about the tracking itself, but I'm very nervous about the whole thing...