Just like GDPR, doing business in a country subjects you to the laws of said country regardless of where you are incorporated. If this wasn’t the case, a lot of companies would only have to follow the laws of Panama or the Cayman Islands.
Doesn't that require having employees in, having facilities in, taking payments in or making payments to residents of said country?
Most of the streaming services this legislation is aimed at don't rise to that bar relative to the USA, as low as it is.