I work in a company in Norway. We are in the EØS (European Economic Area), but not the EU itself but we still have to implement this for our own Norwegian customers. We don't have any customers outside of Norway.

Still we are investing millions to be compliant so I fail to see how this is specifically targeting US companies.

Edit: It also seems that many think it is illegal to store personal information anymore but it's not, you just have to justify having it and only use it for the reasons you store it, provide data portability and the delete functions.

For some reasons you also need user consent like marketing or analytics.