Very clearly put, and I'd only emphasise that without the final "enforcement" point of that, the other points become entirely irrelevant. While European regulators have imposed some significant sounding fines on prominent entities, they generally work out to be "less than the value gained by doing the thing in the first place" - or at least close enough to that for the entity to not consider it too negative/a future deterrent.

Unless you have some body which is a) serious about enforcement, b) sufficiently toothful to make a dent and c) not undermined by wider geopolitical posturing or economic neutering, you can have all of the regulation you might want and still end up in the same place. I'm not arguing that we shouldn't try and control this, but that we have some extremely large genies to stuff back into bottles along the way.