Sure, it is, insofar as a corporation cannot physically quake in its boots. A fine is designed to discourage an entity from doing bad things. TFA says Uber is working with Clearwater, which indicates to me that the incentive of a potential fine is working as intended.

One can try to argue that uber is lying about its hipaa compliance efforts in order to save the few hundred thousands that they would be paying Clearwater and in dev costs, and one can counter argue that that accusation has no reliable sources to back it up and is fueled by a desire for internet karma points.