One thing my company did (we are US-based, but have an international operation as well) to try and mitigate the volume of compliance work to be done was section off software that would be used in the EU from everything else. Previously we had been working on making all of our software 100% internationally universal, but GDPR made that difficult, going forward we're kinda cutting loose the guys in the UK (there's some irony, I guess) to keep up the code that has to be GDPR compliant while the rest of the company focuses elsewhere.

So... anecdotally, I'm not at all surprised if the increased compliance cost made some people reconsider investments in EU businesses, even if they don't rely on ad revenue as a business model.