What enhanced conversions mean
The feature does not create new tracking of unknown users. It works with data the company already receives inside the conversion process itself: the email someone types in when buying, the phone number left in a form, the billing address. That data is turned into irreversible fingerprints before it leaves the browser or the server.
There are two variants and they should not be confused. Enhanced conversions for web measure actions that end on the site, such as a purchase or a sign-up, and send the data at the very moment the conversion fires. Enhanced conversions for leads cover the opposite case: the form is filled in on the site, the sale closes weeks later by phone or in the CRM, and that close is uploaded afterwards to link it back to the original click.
One thing the feature is not: a substitute for consent. This is still personal data even when it travels hashed, and Google requires the advertiser to comply with its customer data policies and, where applicable, its EU user consent policy. Without that basis, the technical activation is not usable.