Sure, they don't rule the world. They only have the power to ban you (either the company per se or its individual owners, officers, and/or employees) from ever again doing any business in the EU. Which naturally includes business with any individuals or companies either based in the EU (as a seller or a buyer) or wanting to do business in the EU. Or from traveling to the EU, whether for business or personal reasons. Little things like that. Nothing too inconvenient. (/s)

They haven't taken things quite that far—yet. But they could. It's dangerous to assume that you can ignore them without consequences just because your company doesn't currently depend on revenue from EU customers. The world is more interconnected than that, and the consequences may not be limited to your company.