Let’s make the biggest social networks Meta, TikTok, etc incur fines in the tens of billions for every investigation of significant privacy violations (like Meta’s existing case) of its users and pay back their users in compensation over that until the company either changes or exits the market the regulators reside in. This is far better than a ban and the regulators and users get free cash out of it.
Given that we have the regular ‘all social networks do this’ excuses on collecting data, the standard for large social networks in the 1B+ daily active users collecting user data should have much larger fines in the billions.
The idea that it 'wouldn't be tolerated' suggests - correct me if I read this wrong - that the country where the company originated would then do some kind of tit-for-tat with companies from the other country. But: where were those comments when VAG and other car manufacturers broke the law in the US? (and probably elsewhere too?). My position hasn't changed, they deserved their comeuppance as much as FB does right now.
'Meta didn't actual do anything wrong' -> they did.
Facebook has worked the same way for more than a decade. First EU law changed and it was fine because the US and EU had a data sharing agreement, then US law changed. If you what Meta did wrong is not completely rearchitect Facebook in response to a US/EU squabble then your bar for right and wrong is really really low.
There's a lot of things you can point to that Meta does that are shady, but they thing they actually got fined for didn't have to do with any of them.
Funny, this is essentially what happens with tobacco taxes. Cigarettes are prohibitively expensive and thus have caused that industry to falter in the US.
Technically, you're correct they aren't, but how realistically are they are any different? In both cases the government profits from a corporation's behavior.