My read on this is that news organizations are upset that Google/Facebook are taking profits by providing cached content that makes people not want to actually click their links.
If this is the primary concern, though, then wouldn't it make more sense to draft a law regulating content caching, rather than the pay-per-click approach? It seems like a law that said "Sites that serve any content which wasn't part of a 'you can cache me' section need to pay for that content" would address the concerns of both parties here.
This would solve the alleged issue that news organizations are bringing up, while also making it totally clear what the consequences are. If you don't want Google to be able to use your content within search results that's totally fine, but you can't then also be mad that they don't surface your content in search results.
Seems like letting news site determine what content Google can cache for its results, and then letting Google determine ranking based only on that data would be a completely reasonable compromise. As it stands now, though, Google is directly incentivized to just never surface these websites, which hurts everyone involved.