Meanwhile 99% of innocent people will be hugely inconvenienced by weakened security, not to mention the amount of suffering caused by data breaches and impersonation, then the loss of jobs and economy for many business wasting resources on downgrading their products for compliance.
Not a great trade IMO.
It is more likely that "only pervs use encryption" is a pretext to appease lazy police or spooks, who just want to hit buttons and get people arrested. I have this suspicion because actually helping children who are exploitable this way is a much more difficult problem than breaking out the banhammer.