Bad public services should be defunded. From there, data subjects benefit from the restructuring, which ensures the GDPR is taken seriously. The incompetent lose. They get shown the door. The people benefit from the money (which does not disappear) going to public services that respect their rights.
There is also deterrance. A DPO for a school who knows they could become responsible for the school losing funding due to their negligence will act more responsibly. The boss of the DPO who also knows a fine is possible will hire a qualified DPO, as opposed to a clown. When a data subject makes a GDPR request, the DPO and school won’t laugh at it (which is what happens now).
Imagine a school gets fined ÂŁ100k.
It sounds like you have selected a suboptimal amount, by your own admission.
Absolutely nobody benefits from a fine. Everyone loses.
Privacy is a human right. Throwing human rights under the bus harms the data subjects. Data subjects benefit from effective GDPR enforcement. In the EU, such a circumstance harms the whole EU because the protection is not uniform. The GDPR becomes spotty, hit and miss.. unreliable.