I am actually very happy about this. For too long, private data has been viewed as an easy business opportunity. Now we are getting to the point where private data is being viewed as a liability.
The thing is a bad actor with deep pockets is going to sail by this review because their security systems and practices might be top notch, but the moment they're rubberstamped, they can turn on evil mode and start doing whatever they want with your data. Small players get cut off if they can't afford the fee, even if they're honest and secure.