> This is like saying that regulating damage to the environment is bad because
Sure if a global problem is only taken by a small subset of states. It's not solving a problem just essentially grandstanding. See climate change.
But GDPR and related laws have been a mixed bag and a combination of neat and "why the hell do you think that will work?".
This is like saying that regulating damage to the environment is bad because would make businesses that can't exist without doing said damage would retract from the market. Good riddance, if a business can't or isn't willing to protect EU's citizens data they should go away, like many polluting industries that had to adapt or die.