If the Irish data regulator enforces the provisional order, it would effectively end the privileged access companies in the US have to personal data from Europe and put them on the same footing as companies in other nations outside the bloc.
This isn't just about Facebook. This is about whether every small company trying to bootstrap itself needs to take large steps to architect their data storage in a way that allows for segregation between European and American data.
For Facebook, this might be costly and annoying to deal with. But what if you want to launch a new Flickr, Tumblr, Twitter, Airbnb, recipe website, etc.? You're a team of 2-4 trying to get things off the ground. Do you need to make sure that you are unavailable in the EU? Do you need to work on splitting data storage before you even find product-market-fit?
Like, Airbnb certainly hosts lots of data about people and places, but when they were just starting out and trying to get traction, it seems like it would be a big hurdle to comply with this.
Facebook can comply with this. I think it would be a big burden on anyone trying to compete with Facebook going forward or the ability of new companies to get off the ground.