Before GDPR: You had to decide whether you could take the time to do right by your users w.r.t. privacy, because your competitor certainly wasn't.

After GDPR: Everyone's required to do it, so at least you don't have to worry about your competitors.

That's what this is about: Self-regulation failed. Here's the externally imposed regulation. Be thankful it's as well-written and aligned with our interests as it is!