Hate this too, but isn't the cost basically a government mandated insurance fee on the correctness/applicability of the contract and saves companies much higher litigation fees common in US? It's not really for the notary's time or reading, I think a lot of what they receive here goes to their own insurance company anyway? Had an online notary appt recently too, not sure all of what that's possible now, and probably still requires a EU id or so and not possible for US investors, so still sucks.
Met a German founder this week and asked him if all the stories one reads about the challenges of startups in Germany are exaggerated. "No, they're understated." Proceeded to describe spending a full day having a 90-page investment contract read to him (mandatory under German law; § 13 BeurkG) by a notary that then charged €30,000. That was for his first company. His second company, needless to say, was not incorporated in Germany.