There's nothing inherently wrong with storing user data or using targeted advertising as long as it's not abused. Instead of outlawing only cases of abuse like any sensible law would do, the EU just chooses to throw the baby out with the bathwater because it's not their baby.
The EU tried that. Google and friends gave a shit. Then result was creating a regulation more painful to them. These companies apply their US based understanding of right and wrong to the globe. You see China, EU and Russia are reacting and applying their local rules. With different methods, but they do.