We don't need no stinkin' privacy policy
I've already stolen all your important data and I'm going to sell it to the highest bidder!
Furthermore, if you use this site I'm going to force you to eat cookies. These cookies will hatch from your computer during the night, steal your passwords then escape back into the wild.
On the other hand, this could be a normal website that just uses cookies to help you login to parts of the site.