Many people who would otherwise be appalled at laws like this seem to want to rationalize this because its specifically targeting Google and Meta. Sometimes taking the simple view is correct: It's a bad thing to prevent sites from linking to one another. It's a bad thing to interfere with the ability to access information on the Internet for reasons of nationalist politics.
There needs to be a distinction between reference to content and the content itself. When platforms start to profit from other people's work without their consent that shouldn't fly. Google search's primary purpose is to make links discoverable and I don't think anyone ever took offense to that. But in recent years companies have started to deliberately blur that line by showing more content upfront, essentially to turn themselves into a middleman and choke content producers. It's perfectly legitimate to not allow this.