Squelching small players is the intent. Large institutions are easy to exert political control over. It's hard to exert political control over masses of individuals. It benefits the Republican party when you get your news from FOX. It benefits the Democratic party when you get your news from CNN. It does not benefit the Democratic or Republican party when any individual can broadcast their views to millions of willing listeners on a platform like Youtube. This is why you only ever hear about "misinformation" coming from small time players. When CNN/FOX et al. do it (which is constantly), they get a free pass. Both parties share an interest in monopolizing information flow to their followers, which is why they both support this law.