This assumes that the regulations successfully achieve their goals. Otherwise we've fallen into the old trap "we need to do something, this is something, therefore we must do it".
There is ample possibility that the unintended consequences of GDPR play out in ways the regulators do not expect. Assuming otherwise is foolish.
Absolutely, the EU is willing to conduct this experiment, you may as well wait and see what the results are.
As far as I can see the companies targeted will do their upmost to avoid any impact on their bottom line so its quite likely they will discover plenty of holes in the legislation.
There is ample possibility that the unintended consequences of GDPR play out in ways the regulators do not expect. Assuming otherwise is foolish.