Deprives creators of compensation in what way? It requires a copy or copies of the book to have been purchased in order to lend out. And, the creators of books see dick-all from the sale of the book. Most of the money goes to the publisher, who acts as a gatekeeper to decide which books are worth publishing and de-incentivizes the production of new works. What a dumb argument in addition to being morally reprehensible.
Oh wow, really steep fines, less than one year’s salary of the whistleblowers they fucked over in several cases. Less than the yearly compensation of the executives who should be held criminally liable in every case. Essentially no penalty at all.