Earlier quoted context omitted.
Child labor laws and minimum wage also made some revenue models untenable, and the world is better off for it. I want to live in a world where businesses can profit without having to spy on people. This is a good step in that direction.
I think their point wasn't the regulations, but the unpredictability of those regulations. It's hard to start a business if you're worried the rug will be pulled out from under you at some point in the future.
It isn't Europe's fault that the tech industry's only business model for the past decade has been about misusing personal data in ways people didn't expect or consent to (otherwise GDPR would not be a problem again since people will willingly opt-in).