It's effectively what they do in the usa. Breaching salary cap results in a 'luxury tax', but some teams with deeper pockets deliberately breach and pay the money. The calculation being it's worth it to increase chance of success.
So it doesn't work as a deterrent and definitely wouldn't be to the state owned clubs in the PL.
Everton's argument seems to be 'we spunked the money up the wall, didn't get any sporting benefit because we are still s***e, so shouldn't have a sporting penalty'. They can eff off