Politicians no longer want any company to be able to mass manipulate their constituents. The fact that operating a platform at scale relying on user submitted content would be impossible with this bill is precisely the outcome being sought. This requires tech companies to either change their business model or take editorial responsibility for the content promoted on their platform.
I actually find this bill clever and elegant since it excludes search engines, discussion boards and more. Yes certain business models and startup dreams relying on making algorithmic recommendations without being accountable for the outcomes on individuals and society will die, but is this really a bad thing?
To me this is a total positive, there are still plenty of opportunities to build large scale platforms with the web. Simply moving forward, this will require bringing more value to the table rather than just putting people in a walled garden and making money by poisoning their mind and society at the same time.