The solutions to this aren't regulatory, but technical first. Monetary fines to tech giants are mere slaps on the wrist. We, and by that I mean the web developer community, need to make technical solutions that make it impossible for companies to infringe users' rights. I guess we should first start by defining what those should be on the web. Those solutions then need to be presented to lawmakers and companies forced to adopt them. This is not rocket science; there are already solutions to these problems that just aren't adopted (e.g. the {ab,un}used Do Not Track header).
All this "behave this way or else" regulation is just reactive, and usually takes years to even pass into law, by which point tech giants are way ahead of it anyway.