I develop for embedded devices and I don't see this working as intended.
Embedded devices often have secure boot efuses burned during manufacturing. There's no way to reverse that later or install your own cert.
Datasheets and SDKs for the chips are behind expensive support contracts and onerous NDAs.
Industry and middleware vendors are absolutely opposed to giving away anything, even though many of them fork existing FOSS projects for their SDKs.
We already have mechanisms to obtain source code, and yet there's no effective enforcement mechanism for companies that ignore GPL requests.
I agree that more needs to be done to prevent planned obsolescence, but I do not believe lawmakers have the technical knowledge to write anything effective.