Earlier quoted context omitted.
I think that phrase was coined in an era when the tech sector moved so fast that the prevailing law couldn't keep up. It caught up somewhat, but obviously there's still much leeway for improvement. Break all the wrong habits, rigid conventions and old traditions you want, just play along with the governing laws.
> the tech sector moved so fast that the prevailing law couldn't keep up That's an extremely charitable interpretation. A more realistic interpretation is that the law was up to date, just that enforcement couldn't keep up because 1) nobody expected such a brazen level of breaking the law and 2) justice doesn't really apply when you have enough capital.
While I wouldn't disagree with your sentiment, just keep in mind that the General Data Protection Regulation (GDPR) got implemented 2018.