My uninformed speculation is that Zell wasn't affected because it's first-party (run by the banks themselves) and not affected by a reporting requirement for third-party payment processors. It's probably not much more than a front-end for ACH.
Clearly states
"PayPal is a financial technology company, not a bank. Banking services provided by Synchrony Bank, Member FDIC. PayPal Balance account is required to use PayPal Savings."
So maybe part of this legislation is some sort of attempt to have these payment processor "pseudo banks" have to be more like real banks and deal with banking regulation.