We haven’t had a good track record in recent years of businesses honouring the spirit of the law. For example cookie consent banners with horrible dark patterns aren’t necessary to operate in the EU but some companies feel this is a better approach than reducing the amount of data they harvest. Likewise some companies will see this new legislation as an excuse to collect more data too.
The fact that a lot of social networks require or request phone numbers “for security” rather than TOTP codes (for example) is another such example of how data collection is hidden behind “safety”.