FB actually ends up profiting pretty well from this change (at the cost of losing some of the small business advertising that was priced out)
They can't correlate that ad to an action, which means they can't make you a happy chart that says the ROI is there. So you're going to pay less for it.
This isn't going to harm small businesses no matter what FB says.
Whoever submits the highest bid wins that ad impression. Less information will mean people bid less, and the targeted ad prices will revert to their less targeted peers from a price perspective.