For various reasons I am and have been deeply embedded inside the process of making a medium-large sized business (if you really look you may be able to figure out which one it is - in case you do: My opinions are my own and do not reflect those of my employer in any way, shape or form) GDPR compliant. I have heard proper lawyers explain the terms to different kinds of people and found their conclusions match my own, coming from the literature. I feel like that allows me to talk a little bit about what this legislation means.
Given what you have said, perhaps the literature is not as obvious as I thought. As far as this model is concerned, it would not be compliant with the law as I read it and as I have had it explained to me. I don't deny that a party with enough money might be able to muscle a reading into existence that allows them to do this anyway, but that is I think an established risk of the legal system. For now we must operate with the law as written and broadly interpreted inside the EU.