Yes, if you want to deal a lot of damage, you get Great Weapon Master. That's what it's there for. Others may want more defense, and go for Shield Master, which give a bonus action to shove people around, +2 or more vs targeted Dex save spells, and almost-Evasion. Or Mage Slayer, making you a nightmare against casters. Or Heavy Armor Master, reducing the damage of 80% or more of all attacks by 3 as well as getting +1 Strength.
Or for that matter, increasing your Strength from 18 to 20 - that's about a 10-20% damage increase in most cases (assuming no other bonuses to keep things simple, and that you normally hit about 60% of the time for 2d6+4 damage and instead hit 65% of the time for 2d6+5). Of course, that maxes out at 20, but that's what Great Weapon Mastery is for - turning it up to 11.
And I'm saying my experience shows me that Great Weapon Master and Sharpshooter are superior to those options. We have a Defensive Fighter Paladin and a Great Weapon Master fighter. The defensive option helped a lot at lower level and was very noticeable.
As creatures grew stronger, it has become less and less of an advantage. If the defensive paladin obtains a magic shield, that might shift again. At the moment killing fast is more effective than AC. Both are wearing plate armor. The shield and defensive style provides a 3 point AC difference.
The damage difference between the paladin's 1d8+4 damage and the fighters 2d6+4 damage is already substantial. 8 versus 11 damage. Then when the fighter uses Great Weapon Master that margin increases substantially. Damage seems to be far better than many effects in this game. No matter how good the effect, at the end of the day you want to kill the creature. Nothing helps that more than feats like Great Weapon Master and Sharpshooter.
And the fighter did take Heavy Armor Master. It does a nice job mitigating damage. Didn't prevent him from taking Great Weapon Master. He has toughness as well. He does the most damage because of Great Weapon use including Master, takes hits for less damage than the Paladin, and has more hit points.