In a weird way, this might be EU's strategy to finally deal significant damage to Google and Facebook, as this law will encourage development of alternatives on decentralized peer-to-peer technologies. However, I'm not sure if EU politicians are that smart...
New regulations almost always helps the big guys and hurt the little ones.
This will be a big boost to Google and Facebook and hurt everyone else.
Just like GDPR and the shopping changes in the UK. Both really helped Google and to a lesser extent Facebook.