The TCF consent system infringes the GDPR in the following ways:

Fails to ensure personal data are kept secure and confidential (Article 5(1)f, and 32 GDPR)
Fails to properly request consent, and relies on a lawful basis (legitimate interest) that is not permissible because of the severe risk posed by the online advertising tracking (Article 5(1)a, and Article 6 GDPR)
Fails to provide transparency about what will happen to people’s data (Article 12, 13, and 14 GDPR)
Fails to implement measures to ensure that data processing is performed in accordance with the GDPR (Article 24 GDPR)
Fails to respect the requirement for “data protection by design” (Article 25 GDPR)

tfw your gut feeling finally gets a confirmation.
this whole online tracking and advertising industry is a dumpster fire.