There are a lot of other clauses than just the cookie banners. In fact, the cookie banners are far from the most annoying part if you want to be compliant.

I would go so far as to say that most startups which don't do 100% of their compute within European borders are likely non-compliant with GDPR by the law as written.

Edit: To be clear, I would have no problem with the level of trade protectionism if it only applied to companies that do $X million of business in the EU. That's how every other data residency law is set up. If you want to force series E+ companies through weird hurdles, have fun.