It may be like the old seat belt laws.
When they first made seat belts mandatory (at least in Michigan) they wouldn't bust you if your *only* offense was not buckling up. However, if you were speeding or had some other infraction, and they happened to notice that you *also* didn't have your seat belts fastened, they'd tack that on the ticket.*
So possibly going after all the noncompliant privacy policies is going to be a pretty big resource hog, but if you have other infractions, it might be enough to tip you over into getting booted. Till they get around to mass checking up on it.
I made the changes. But what I did was make one copy on the server, and just include or create a symbolic link for it on all my sites, with specific style codes, so the next time it changes, I'll only have to edit it one place.
*(Nowadays they *will* give you a ticket if that's your only offense)