Laws for that sort of thing already exist, so that's obviously not what they're talking about when they say "unmask trolls". It's clear these Australian politicians are authoritarians who are upset about people insulting them online.
Just to be clear, I am against this law, but trying to say we should have the wild west seems like a bad idea.
If you take 'wild west' to be pure anarchy free from any law, then sure. But I don't think that's what is actually meant, nor does it describe the real wild west, nor even the popular perception of the wild west. Pop-media depictions of the wild west are filled with sheriffs, bounty hunters, judges, etc. That wild west outlaws exist as a trope implies the existence of laws for these outlaws to violate. Utter absolute lawlessness is not the implication of 'wild west'.