Has Ofcom actually said what these regulations will be?
Is there any reason to expect them to be as dystopian as you predict? The interim codes of practice that the government published don't even apply at all to individuals. They also acknowledge that smaller companies should not be expected to be subject to the same level of regulation as large companies.
My experience with online activists' predictions of imminent dystopia is that they generally turn out to be extremely overblown. Hopefully that's true this time as well.