Unless case law is created in the small claims court, having specific regulations for things which normally end up there is very beneficial for consumers. It gives you a tool to fight the disease - the company committing fraud - rather than treating symptoms by settling in small claims court with anyone who cared enough to bring it there.
For one thing, what is "considered fraud" will be different in each of the 27 member countries of the EU in any area of fraud where national law has not been superseded by a harmonisation directive like this one.
Part of the point of the EU is to have a single market for goods and services. That means I should be able to order something from a Danish company with the same confidence (in a basic level of consumer protection) that I would in my home country, knowing that any caselaw will have been at the CJEU level (because it's interpreting an EU directive) and so will apply EU-wide.
This just underlines the brokenness of the system.