There's a lot to sort through about this law, and the first thing that has to be done is clear through some of the misunderstandings about it.
First off, it's important to understand that this is not one "EU Cookie Law." The EU issued a set of directives on cookies but left it for each member nation to interpret, define the requirements, and define the penalties. Your ire should be directed towards the Information Commissioner's Office, the UK government agency which is solely responsible for the permutations of the cookie law in the UK. I know that hatin' on the EU is a great national hobby, but this isn't actually the issue for it. Ranting about those big mean men in suits is not going to do a damn thing to help us find a solution.
And it's why WP.com isn't doing anything to bring blogs into compliance. There is not one "EU Cookie Law" to comply with. There are *twenty seven of them.* National approaches range from laissez-faire to paranoid. No company, including WP.com, should be expected to create twenty-seven different setups and presentations for a single product.
Second, you need to educate yourself on the issues surrounding wp.org sites and the law - I write from the perspective of the UK's interpretation of it - to understand why WP.com isn't just making a slap-on, click-the-box, that's-you-sorted solution to it. You can do that with my conference presentation here.
Third, as for spreading misinformation about "£500,000" fines, educate yourself on what that number means, who issues those fines, and what they issue them for before you perpetuate scaremongering and become part of the problem rather than the solution. You can do that in my post here.
Finally, educate yourself on the web site accessibility issues which mean that many "compliance solutions" make a site meet the UK's interpretation of the cookie law but then break existing UK accessibility laws.
If you have any other questions, leave comments on my blog posts, or come talk to me at WordCamp UK in Edinburgh in July.