The major oversight rather lies in the fact that the law does not introduce huge penalties/indemnification for false copyright claims - if these existed, copyright holders would be a lot more cautious with potentially false claims.
The perjury coverage is weak, but they at least provide something.
EDIT: Perjury comes into play as part of a permanent takedown request, not the initial temporary takedown request. Just a clarification.
If you own the rights to a 2013 advertising jingle for yo-yo wax, and you assert that you own the rights to it while making a DMCA takedown claim against a birthday party video posted in 2010, there is no perjury. The claim that the work is infringing is not the part covered by the perjury threat.
This is why the DMCA is broken. There is no reason whatsoever for legitimate copyright holders to avoid making frivolous claims, and the burden lies entirely on their victims to prove their innocence.
(I am not a lawyer. I might be wrong about this. Don't mistake this comment for legal advice.)
As I said, weak, but it's there.
IANAL, of course.