Hi Annette, I think there are a lot of us that feel that way, but the Law is the law and no I don't believe that unlisted profiles will ever become Private again. You will only be able to list them again once that person has passed away. We need to learn to work around this obstacle, and I'm sure we will.
The only as you say over reaction, has nothing to do with Wikitree, it is EU GDPR legislation and it will have to be implemented by every Genealogy online tree and also every research database. At least because you are a Wikitree member your profile is not unlisted, so if you want to reach out to possible living relatives then I would suggest: as I do. Reach out on social media, you will be most surprised at what you might find. I have found a fair amount of living relatives and branches of my tree that I had no idea existed, just by posting on Facebook.
Good luck with your research and please feel free to ask for help, there are a lot of wonderful, friendly Wikitreer's who will go out of their way to help you.