I doubt it actually does a @#$@$ darn thing.
Location of the host is irrelevant, it depends on the target audience. Serve pages to the EU? You get to follow it.
> simple cargo-culting "everyone is doing it so we must do it also".
If your site is cargo culting everything it probably also has a ton of third party trackers for the same reason.
What can the EU do about it if the company has no physical or legal presence in the EU? Have there been any serious attempts at such enforcement?
No one says that all sites should honor China's laws for visitors from China. No one claims that all sites should honor Saudi Arabia's laws for visitors from Saudi Arabia.
But magically the GDPR must be followed by the entire world if a visitor shows up from France.
Also a lot of people speaking out against China had to find out the hard way what some western companies will do when you speak out against a cash cow that will happily kick them out if its rules are enforced.
It would be like Wendys slagging off the Thai king on a billboard in Dakota, then an employee of Wendys went on holiday to Bangkok and was arrested.
In this case you are arguing that Russian law should follow a citizen, where as the US said it shouldn't. So the "precedent" that was set (if in fact there was one set) in a case from 20 years ago in which the case against the accused was dropped, was actually that your laws don't follow you around.
The Meng Wanzhou case had the EU being able to extradite a US citizen from the UK for breaking EU law.
This is completely false. Your laws do not follow you around on the internet.
No, merely serving pages to the world (that happens to include the EU) does not mean you have to follow the GDPR. That is only the case if you cater to EU residents specifically (e.g. by taking payments in Euros).
Sometimes I hit a USA based news website which simply denies access, because I'm in the UK, on GDPR grounds. Which seems an overreaction.