You could argue that the cost estimation is a worst-case scenario. It assumes that 90% of the affected software will be made compliant, but it's also possible that they just use proprietary exception for most applications. It would cost much less in that case, but it would do so by abandoning the purpose of the bill.
The bill died in a unanimous vote last time around, and it's not going to anywhere close to success this time either. However some other parts of the 2022 bill (considering libre solutions for new applications, limiting NDAs and non-competes, allow audits of software used in criminal cases) are more feasible and might stand a chance if they're also split into new bills.