The majority of accidents are rear end collisions caused by drivers who are following too closely and/or not paying attention. The number of injuries and amount of damage to property far exceeds those caused by excessive speed.
A driver who tailgates constantly and roars up the right lane of Highway 1 then cuts into the space in the left lane that was left there by a prudent driver, is way more dangerous then a Porsche or a Busa doing 150 on a deserted straightaway in Manning Park.
Speaking as someone who may have exceeded 40km/h over the limit, but has never caused an accident in 24 years of driving, I really wonder what would happen if it cost $1,600 along with a vehicle impoundment for seven days if you rear ended somebody.
This new law really has been driven by reactionary thinking rather than by careful planning.