Couldn't agree more. It's a biased presentation of the facts, and could easily be reframed. Take "compliance costs are astronomic", for instance, could just as easily be rephrased "Companies spend more money than ever to ensure the safety of customer data". I know that's certainly the case where I work: it's been a massive amount of work, but it's great for our customers. If it weren't for GDPR, I am certain that management wouldn't have allowed us to do it.

Cleaning up a shitty system is expensive, and there are bumps in the road. It's still worth doing.