The European Commission has fined Apple over €1.8 billion for abusing its dominant position on the market for the distribution of music streaming apps to iPhone and iPad users (‘iOS users’) through its App Store. In particular, the Commission found that Apple applied restrictions on app developers preventing them from informing iOS users about alternative and cheaper music subscription services available outside of the app (‘anti-steering provisions’). This is illegal under EU antitrust rules.
I mean, that is what happened here – they looked at market cap and yearly revenue to determine the fine amount. I agree with you for like speeding tickets which need to have their fines pre-listed, but for stuff like this a commission deciding the fine is exactly what you want. They could have gone higher ofc but the higher you make the punitive damages the higher the chances of an appeal working.