The IP itself isn't much use in the context of personal identifiable information with more data say from the person's internet provider. Also, having http logs with IP addresses (stored for a reasonable short amount of time) is still allowed as it is a necessity to provide any service at all.

The regulation isn't about fucking IP addresses, it's about big data collection information about, what you buy, where you go, who you are friends with and doing shady things with that data.