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The thing about Google's post-3p proposals is: they're coming whether you like it, or trust them, or not. larakiara/1319247366088724481
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FLoC is especially interesting for them to move forward on because, of the proposals, it is the once with the least discussion right now: discourse.wicg.io/t/proposal-federated-learning-of-cohorts-floc/4473
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Anyway, I can see why they tested it though. Of the proposals, it was also the least supported by existing technology and the one with the most questionable feasibility. So now we know for sure that it's technically possible.
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Personally, I like the idea of FLoC in theory, but there were significant unsolved privacy concerns the last time I checked in on it. I look forward to reading the report.