The obvious intention of the legislation is to promote the privacy of individuals in an age of privacy invasion. But like so much legislation, there's a lot to it that's incredibly vague, leaving room for interpretation, and therefore expensive legal battles and/or penalties against companies that are trying to do the right thing but didn't cross some T or dot some "i" in the way someone else thinks it should have been done.
In other words, the opportunity for legislation to be used against people and companies. A fundraiser for governments that are running out of money, running out of ways to tax their people directly. So they'll tax them indirectly by taking money from companies those people do business with (forcing price increase), or by driving those companies out of Europe and lowering the people's standard of living (by reducing the companies they can do business with).
Hopefully this legislation won't be used in sweeping ways to cause this kind of damage. But if the legal system has taught us anything ... well, we must keep our hope and stand against egregious use of these laws.