It's very good in that it's significant progress over other US-based laws. Then again if you compare it to the much stronger privacy protections in the EU, there's still a looooong way to go.
It's true that California's legislation gets a lot of industry input, and they're not going to pass something puts the big tech companies out of business. On the other hand, there's a very effective coalition of privacy organizers there -- who are quite familiar with tech's tactics, and can be very effective at cutting through tech's spin with legislators. Plus, the California Privacy Protection Agency (which got established by a referendum, not through the legislature) has a lot of clout -- there isn't anything comparable in any other US state.
Washington state has similar dynamics, although with the CPPA equivalent. Microsoft and Amazon are hugely influential here; but, grassroots organizers had repeatedly stopped them from getting the very weak Bad Washington Privacy Act through the legislature. And this year, we passed My Health My Data -- stronger in some ways than California's privacy law.
Texas ... has been a disappointment. The privacy law they passed this year is based on the Bad Washington Privacy Act but significantly weaker.