This is just another area where Europe is lagging behind the rest of the world (ie. the USA) and wants to slow everyone else down so its native conglomerates can catch up. Same thing with the recent regulation on autonomous vehicles.
“We can already be tracked by X” doesn’t mean that we should stop caring about the other areas in which abuse can happen. It’s complacency, and it allows for the situation to become worse to the point of no return. We’ve seen so many examples of that in the past decade.
I‘m happy that the EU is considering taking more time to implement things properly (or at least attempting to do so).