Earlier quoted context omitted.
Yep, plenty of fines work this way. It's how GDPR works: percent of turnover (revenue) or a floor, whichever is higher [1]. And worst case scenario define revenue in the fine's terms in a way that it disallows accounting tricks. [1] https://gdpr-info.eu/art-83-gdpr/#:~:text=turnover
That the max fine for GDPR, not the min. GDPR is really a "fine whatever they want" regime, starting small and increasing for non compliance.
I think the "whichever is higher" wording does make it a floor but you're right that the "up to" makes it whatever they want. So I guess it's a meaningless variable floor.
It still works out similarly: they could fine a company like Amazon, with a lot of revenue, up to around 21 billion (regardless of profit) while they could only fine a small company up to 20 million.