I feel like the whole time this was being argued and passed, everyone in power just considered the internet to be the major social media sites and never considered that a single person or smaller group will run a site.
IMO I think that you're going to get two groups of poeple emerge from this. One group will just shut down their sites to avoid running a fowl of the rules and the other group will go the "go fuck yourself" route and continue to host anonymously.
Does this shock you? I don't recall a time in memory where a politician discussing technology was at best, cringe and at worst, completely incompetent and factually wrong.
So? Tons of millennials barely understand technology too. I'd say a politician being one makes the odds they know tech marginally better, but I still interact with people of my generation that barely know what a filesystem is, let alone how to make one, or why it's important.
The joke used to be that Boomers don't understand the internet, even though they invented it.
Based on that experience I guess it should be no surprise that now Millennials don't understand the web even though we were born on web 1.0, grew up on web 2.0, and created web 3.0.