Companies should obey the laws first and foremost. I'm not sure there's a lot of regulatory risk either; Google certainly has enough lawyers to know that what they did was illegal.
One such law for example forbids fake reviews.
Google creates profiles for small businesses, invites everyone to anonymously say whatever they want about business and rate it.
Then they list advertisement from competitors next to it.
Their solution for the public shaming contest is that you should send more <s>customers</s> people to google to review your business and of course purchase adds.
The law says that if you want to do reviews of any kind you must be able to prove the review is from someone who purchased a product or service. The fines are in % of global revenue. Google could have some legal talking point if they allowed business to disable it.
We didn't know wont fly.
Europe needs to make sure these tech giants get to keep just enough money that they don't pull out of europe entirely, but not much more.
Big fines are a start, but a better approach is taxation, since that takes away the regulatory risk for the companies.