That's an idealistic, but highly unrealistic, thought.
As long as a market exists that can profit from exploiting PII, and is so large that it can support other industries, data will never be radioactive. The only way to make it so is with regulation, either to force companies to adopt fair business models, or by _heavily_ regulating the source of the problem—the advertising industry. Since the advertising industry has its tentacles deeply embedded everywhere, regulating it is much more difficult than regulating companies that depend on it.
So this is a good step by the EU, and even though it's still too conservative IMO, I'm glad that there are governments that still want to protect their citizens from the insane overreach by Big Tech.