I'm not sure how Google wins this one because it seems like an easy comeback is "well why don't you just be transparent and tell everybody that information". Ultimately, as long as they have anything resembling "secret sauce" they will be in the cross hairs of regulators for unfair treatment (even if just alleged, not proven), and the minute they don't they will lose their competitive advantage.
Perhaps the worst thing seems to me that it prospectively constrains what kinds of algorithms they can actually apply to things they can tell people about. So all kinds of approaches with poor explainability (say, deep learning) will get put aside for things that are empirically worse (more biased, unfair, less equitable, etc.) but compliant with the law because Google can "explain them" to people.