We often make fun at stupid European regulations, like AI ones, but it is typically in such a case that it is useful. So to ensure that it could not happen when companies like that have such a monopoly that users have no power.
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I ask this in good faith, because my observation of the last few years is that the incidents still occur, with all of the harms to individuals also occurring. Then, after N number of incidents, the company pays a fine*, and the company does not necessarily make substantive changes. Superficial changes, but not always meaningful changes that would prevent future harms to individuals.
*Do these fines tend to be used to compensate the affected individuals? I am not educated on that detail, and would appreciate info from someone who is.