What I'm worried about is actively preventing decentralized, small-scale or hackership services.
If some guy has to effectively stop hosting a forum because of GDPR, or I can't host my own email server, or serve HTTP out of my home box, or get decent bandwidth for a private virtual network, Tor, I2P or IPFS while Netflix works at full speed, or do about anything else than initiate HTTP/HTTPS connections to known big company grade services or be flagged as a malicious endpoint, then there will not be a decentralised network living within the same infrastructure as the centralised behemoths. And that is the death people are talking about.
A marginal decentralised segment of the current internet is still larger than the whole decentralised internet in its early years. As long as the old ways of networking can live, develop, and grow along with the FANG & co that's fine. But it might not be taken for granted, eventually.