right! in a way it creates a couple of jobs but only for those who can program - somebody has to implement these policies into technical reality. looking at GDPR (which I fully support) it has created quite a large niche of specialized lawyers and people are now busy educating themselves about how to isolate PII. No doubt this bill will also produce quite a bit of demand for specialists. But it's hardly innovation.
As you say the small start-ups in Berlin & Paris are left in the dust because only the big ones have the resources to take care of this bureaucratic horse-manure.
In the long run we'll continue to dig our own graves while China and the US laughs.