That's one way to see it, if you squint hard enough.
As I see it, a company unlawfully gained billions by breaking the law while doing business in our jurisdiction.
There's nothing "vaguely defined" about european privacy laws. Google just chose to ignore them best they could, and thought they'd get away with it because they're so big.
The fact that it took years to build a solid case against their myriad of corporate lawyer weasels isn't the gotcha you think it is.