Good idea though

They’ll just change the text to “I agree”, “ok” or something else.

(.?)cookie(.?)
privacy
policy
like
subscribe
...

You can already do that with ublock origin

Today I found out similar plugin - https://github.com/rhardih/ekill

Or “we see you’re using an ad blocker”.

Or adblock

Wouldn't removing the element make it possible to have random exceptions thrown and prevent the rest of the JS from executing?

@VikiMaster2 exactly it is. Also, it can leave you having invisible layer covering all the website that's blocking you from actually using the website. Good blocking solution would rely on the used script and known schemes, not just string matching.