Yes, I agree with you, at the same time it's something of an improvement against the status quo pre-GDPR.
Saying it's ineffective does not mean it didn't change the reality of individual rights being eroded on the data privacy sphere... I've worked in multiple projects to comply with GDPR, there is a much higher degree of care with PII after GDPR than before, so it is a step in the right direction.
I'm not the type to wait for a perfect solution to arrive, GDPR has made changes in real life, we need to keep pushing what it has brought forth instead of just complaining it's ineffective, it has value on its own and more can be done.