The law says that the fines should be "effective, proportionate and dissuasive". That gives companies ample room to challenge a fine that is way out of proportion to the damages caused to their users.
After countless months spent in a courtroom and tens of thousands of Euros in legal fees, even if you win, you lose.
But you are supporting the argument that you could be illegally (according to article 83) fined 4 million euros as a first offence because a regulator wants to be disproportionate and set an example with your small company and then have costs of 10-100k to throw out an obvious case, but it wouldn't be worth it?
No customers, no investors, and all your cash gone before your appeal is heard.
Block all EU traffic. Just cut the transatlantic cables.