Because they're making it up as they go along to stave off the independent regulator (and are doing an awful job at it). That should be obvious
People will buy it the same way they bought City's exoneration/letting off by CAS. Most will move on, some will insist City are cheats. There's no outcome of this that will have a section of fans going, "well that's me proven wrong"
This is way more high-profile, with a lot more people talking about 115 charges than however many charges CAS had against them.
The Premier League also had no incentive to do all this with Everton, Forest, Chelsea, as well as charging City, if they had no intention of punishing them at all.
The only thing that could save City in this is government pressure/interference IMO, and that's a real fear of mine, to be honest. I do not think that the PL punished Everton and Forest for a few charges each, started investigating Chelsea, and charged City with 115 breaches if there was no intention of actually getting a meaningful outcome in the end.