After consultation with GDPR experts, this, unfortunately, is the conclusion we came to at my company as well - and is the same one that many other smaller companies will arrive at as they try to comply with this unwieldy and burdensome regulation. It might take a few years, but the incredibly unhealthy end result of this law will be two Internets: one that people in the EU have access to, which will mostly be operated by large companies that can afford to implement GDPR, and another including all sites that the rest of the world can access. My guess is that this will also have a significant negative impact on EU startup funding, as the risk of being wiped out by fines for even minor violations of this very complicated law that is subject to unique legal interpretations in each of 28 different countries is quite high. Few investors are going to take on that kind of risk.
In short, this law is already on track to create a fractured Internet that deprives EU citizens of access to the vast majority of Internet services, and consolidates the private data that their regulators are so worried about in the hands of a few giants.