Most of the technical revolutions in the past decade(s) was brought to us by the giants. Never by the governments.
The most that will happen is more variants of the demented "cookie law" and "Google deletion law".
There needs to be a regulation, because it's not a free market. You cannot just created a new operator because everything is licensed.
It is a brilliant law, but many people still don't understand why so. It has probably done most for privacy than anything else I can think of.
Try implementing it across a global 500 publisher with maybe 60+ major internet property's many of which are built from 3 or 4 CMS's over a decade and it quickly adds up.
Just finding all the pages on a large site to apply the changes to is a non trivial problem.