Without the DMCA, any host could be liable for their users' content. The DMCA was created out of necessity; without it, the internet couldn't exist.

The implementation may be mostly written by the copyright industry, especially the way spurious takedowns are completely legal, but we're better off with the DMCA than without. With the power copyright and trademark institutions have now grown to, I also don't think I would like a modern re-interpretation of the law.

The EU did some copyright rework. As expected, lobbyists turned copyright law into a shitfest designed to serve large companies with boatloads of IP. I would hate for the USA to also fall victim to that.