The only good outcome is if copyright is asymmetrical and unfair to big companies. It destroys human culture if Disney sues everybody every time they hum 2 seconds of a cartoon song. It also destroys human culture if every time somebody posts something for free on the internet a deranged billionaire pops up and gloats about how he's going to bury your post at the bottom of google and copy your answer into his database and use it to scam $100/month out of everybody you were trying to help for free.
If you actually read the thing it's fine. It just requires phone manufacturers include a parental control function that is CAPABLE of those limits built in without charging extra for it. The parents still have to turn it on and can exempt apps from it or not set it up at all.
The most "authoritarian" part is online services with recommendations are "encouraged" (not actually required) to set up separate age algorithms. Algo for 3 year olds they recommend to be mostly audio and not ADHD video, algo for 8 year olds educational only, 12 year olds "positive" entertainment, 16 year olds "age appropriate". And they want app store recommendations to not advertise lootbox games at kids.