Wasn't there concern that they would target small companies and thus stifle the innovation? Seems like a win-win to me.

Please bring your actual argument instead of insinuating stuff.

Anyway, the EU's reasons seem to be entirely legitimate to me.

CMS has a public tracker of GDPR fines (https://www.enforcementtracker.com/) listing over 3000 cases, most are companies HN readers have not heard of.