The legislation doesn't really do any of those things, and 'cords', like 'plastic straws' are negligible bit of waste - moreover, the legislation probably wouldn't even change the amount of 'cord waste' that much.
The legislation has risk because USBC is ill suited to many things and it's best to let manufactures make that decision.
The EU legislators are a buit lazy on this one: they are legislation what is 'in front of their faces' (i.e. the phones they use) without recognizing the impact might not be what they think.
Now - where there is a non-standard situation (remember A/C adapters?) - then it would actually help for an engineering body to set some kind of standard - but that should probably be a standards body, and not the EU.
As long as manufacturers are using some measure of standardization that would be fine.
A more rational (but difficult) approach would be to figure out a method and system for disposing or recycling the cords.
"Or course not, it's not like legislation is set in stone and will never change."
Government legislation does not keep pace with innovation, it lags it considerably. Not only that, it tends to stagnate. As such it risks becoming a limiting factor and push the dynamism to Asia.
I think requiring the use of standard connectors would be fine, but they mostly already do.
Creating an electronics recycling program would be actually smart, and have positive impact on the environment, but that's hard.