Yes, it's your right to block the EU users. But, if you want their money (and that's up to you to decide), you have to obey to their law, nothing new here.
If you're running a Chinese site aimed at Chinese you're good.
If you're running an Indonesian site aimed at Germans you need to honour the GDPR.
I work in a place that would be beyond heavily affected by GDPR and I find the legislation a good change as companies should not hoard data they don't need - just in case... or just to sell.
However if you have some direct business and do accept payments - by all means make it secure and transparent to your customers.
IANAL
For starters, if you don't take payment and aren't in the EU, EU enforcement power is going to be extraordinarily limited. And even if you do require payment, if you don't have a physical nexus in the EU, it's unclear what exactly the EU can do?
I think the GDPR was basically aimed at some of the scummier adtech practices and businesses like Facebook, and for those, it will be very enforceable.
You need an EU VAT ID to accepts payments from EU citizens. So they will revoke that and then you can't accept payments from EU.
This was mentioned before: No, you don’t.
Millions of business around the world accept transactions from EU citizens every day without collecting any VAT or having any relationship with the EU.
Just because you can doesn't mean you should. And not asking that questions has got us where we are today.
If you don't, you're effectively stealing from me and I shall expect my government to go after you to the full extent of the law.
EU citizens can choose to use services offered under other countries' laws, or not. The EU can choose to implement their own Great Firewall to block such services, or not. Frankly I don't care either way.
In extreme cases of non-compliance, avenues for enforcement that have been discussed reuse existing Anti Money Laundering mechanisms: once flagged in the system, banks will simply freeze your business assets connected to EU countries and you might be arrested upon crossing any EU border.
... because laws that enable mass-surveillance are somehow worldly?
It doesn't. But once you enter Europe expect to be in trouble (if there is anything going on against you). Also forget to do business in Europe (with EU citizens).
So if you don't care about these, then you don't have to care about this law.
I basically agree with your assessment.