When you start applying it in practice, you'll quickly notice that the half-speedometer rule is a good guideline, but it often isn't enough under real conditions. Especially when it's raining, foggy, or if you're tired, you should be a lot more generous - 50 metres at 100 km/h is simply too tight. The two-second rule is sometimes more helpful here: you pick a point (guide post, sign) and count how long the car takes to reach it. If you're counting faster than two seconds, you're following too close.
Following too close not only costs you a fine (starting at about 30 euros for minor bumps, much more for accidents), but it's also extremely stupid for your own safety. You basically have zero reaction time if the car ahead does a full emergency stop. And an accident with property damage is expensive and annoying - not to mention serious injuries. Most accidents on the motorway happen for exactly this reason.