It's that, plus a whole lot of unreasonable demands. Just take the requirement to have an EU representative[0]...even a 1-person US startup that processes data now needs to hire someone in the EU and designate a qualified DPO, which they'll likely need to hire as well. That's way more than not being a dick, it's a huge jobs program that will cost companies millions. One estimate I saw indicated that they expected there would be a need for more than 30,000 DPOs in the EU (and it's that low because a single person can act as a DPO for more than one company).

There's a lot in the GDPR that I like, but having just been through a massive compliance effort, there's a lot in there that overreaches and is just there to leech money out of the companies that make an effort to comply.

[0] https://gdpr-info.eu/art-27-gdpr/

Except it's now codified law, with real punishments based off the ambiguous "don't be a dick" directive. There are serious ambiguities here, and unfortunately no one knows how they'll be handled.