If the business operates with the EU, this generally involves having a subsidiary in an EU country (most companies have subsidiaries in Ireland that own all of their "IP" for tax avoidance reasons, and thus can be very trivially fined as they operate as an EU company).

I get your point, but practically most large companies have EU subsidiaries (and in many cases, structure their businesses to exploit the benefits of EU nations like Ireland) and thus must follow EU laws anyway.