Only without consent from the user. Previously it was an ethically grey area to be logging IP addresses anyway. If you are preventing malicious use, then that is allowed as long as you are not using that data outside of the bounds of the user's consent.
If, however, a company is storing IP addresses to identify users without their consent and are found to be specifically targeting them without their consent, then that is a misuse of data.
You are right that companies will be paying for this for a long time and it does take effort to comply, but if that's what it takes to protect user data, increase security across the board to prevent data breaches and kill off the players that never should be in the business to begin with then I'm all for it.
If, however, a company is storing IP addresses to identify users without their consent and are found to be specifically targeting them without their consent, then that is a misuse of data.
You are right that companies will be paying for this for a long time and it does take effort to comply, but if that's what it takes to protect user data, increase security across the board to prevent data breaches and kill off the players that never should be in the business to begin with then I'm all for it.