So that companies can expose them to scams even more optimally with even less recourse? Now that's a surprising conjecture!
That's the issue, none. They have jurisdiction because part of the software runs on EU citizens computers and because they process the data of EU citizens.
If it is an American site that only does business in America... well still all the jurisdiction they need; that's kind of how sovereignty works. But little practical ability to enforce orders.
But X isn't an American site that only does business in America so the issue is moot, anyhow. It's a multinational corporate network with both business dealings and a local corporation in the EU whose corporate parent happens to be HQ’d in the US, and the EU has as much legal and practical jurisdiction over it as the US had over TikTok when its corporate parent was in China.
None of the craigslist type websites I used in Europe (Leboncoin mobile.de...) we're free of scams, are they getting fined bazillions ? These people live in a buble of infinite wisdom as to their understanding of the Internet and technologies
Exactly why people are leaving Europe in droves