That's debatable. I imagine that many EU residents who are tired of having their data collected and sold by US companies consider this to be a very good thing.
It also means that an EU-based company can come a long and fill the void left by the former incumbent that doesn't want to play ball, which is likely good for the EU's economy.
Maybe it's not good for the US company, or for the US economy, but the EU (in theory) exists to further the interests of EU citizens.
As a California resident, if the same happens with the CCPA, I will not shed a single tear.
Until that game you like simply shuts down in the EU. Or until that website you visit simply blocks all EU access.
Just because someone can't prove they comply with the GDPR doesn't automatically mean they aren't in compliance.
You've added a bunch of friction to the little guys in order to punish Google, who won't really notice. Maybe you agree with that, maybe you don't. But you have already made that trade whether you like it or not.
We've already seen non-adtech companies simply shut down EU access if they don't have enough revenue. That's probably not a good thing.
I support the GDPR, but complying with it is far from simple and the jurisprudence is not yet clear.