About the "wholesale piracy" bit: that's also wrong. The bill would apply to an "an Internet site, or a portion thereof" ... "primarily designed or operated for the purpose of" piracy. (Sec 103.a.1.A-B) Links on bit.ly (for example) that pointed to illegal downloads would fall into that category. The phrase "portion of" is not compatible with Cotton's "wholesale" description.
For me, the worst part is that the bill targets sites "facilitating the commission of criminal violations," (Sec 102.a.2) related to copyright law, rather than actually committing the criminal violations. If this were in the realm of guns rather than copyright, it would make every gun magazine publisher a criminal. In general, speech about crime is different than crime itself, especially when the activity at hand can be criminal or noncriminal in different circumstances.