With these laws in place, EU companies face worse conditions than US ones. They may be protecting some bigger EU companies, but they definitely aren't protecting our IT industry.
GPDR was an annoyance for Google, and a complete disaster for anyone small(think companies that can't hire a Chief Data Protection Officer to work full time)
There's a good rationale for placing restrictions and rules on data privacy, but there are also some very ignorant and destructive decisions.
Of course, there is tons and tons of legalese, edge cases, interpretations etc. But if you abide by and implement these basic principles, especially as a small company, you can be quite confident you won't run into any real problems.
If you kind of cared about your customer data in the first place as part of your company culture, its not that hard to adapt. Maybe some really careless companies had a hard time. There must have been some kafkaesque situations killing small companies no doubt, but honestly I haven't heard of them. I only hear Americans complain about it.
To me, this means the law is just right.
If you work in a B2C publicly accessible sector, I can assure you - you store more PII than you'd like to believe.