So I work in Canadian tech as a Data Engineer and have some experience there and the 1.2B fine they got hit with is actually a lot more nuanced than it's been represented and pretty problematic in general.

Probably going to get downvoted for even linking it, but their response is unfortunately the only write-up I've seen that actually goes into detail:

https://about.fb.com/news/2023/05/our-response-to-the-decision-on-facebooks-eu-us-data-transfers/

The TLDR is that the Court of Justice of the EU invalidated the original form of data transfer for data from the EU to US, so everyone switched over to SCCs knowing there was legal uncertainty there, but with promises from the EU and US that they'd "figure it out" and come up with a joint decision on how to transfer data safely. The GDPR jumped the gun for a reason that nobody really knows, and slapped Meta with a fine that's making thousands of companies who are basically forced to do the same thing (since no actual legal option exists) shit their pants.