My point though is that the maximum fines they can hand out, even for the third offense, are so low that they can't really give effective fines to some companie

My point though is that the maximum fines they can hand out, even for the third offense, are so low that they can't really give effective fines to some companies (unless they apply such a fine e.g. per user whose rights were violated, which doesn't seem to be what they're doing). Grindr made a profit of $31M and a revenue of "well over $100M". The maximum fine is 20M EUR or 4% of revenue (whichever is higher). So assuming under 500M EUR in revenue, the maximum fine is lower than Grindr's 2019 profit. So if Grindr is the lucky one that serves as an example, I don't see how even the absolute worst case fine would put them out of business. Although the max fine is probably higher than the 2019 profit from the EU, I could totally see that changing, and someone deciding that getting slapped with the maximum fine is cheaper than the loss of revenue from complying, especially if it is a business that is entirely in ads.