There is a world of difference between.
You can't do X
vs.
You have to do Y in this specific way. Which is what this act is going to result in.
It's just another EU powergrab and it helps absolutely no one, least of all european citizens. You can't have innovation in an environment like this. It's already bad in Europe now it will be even worse.
Only 3 parties will benefit from this.
Lawyers, Politicians who can use it as leverage and NGOs who can drum up false narratives and get donor money.
All it does is to protect the incumbents and burry everyone else in bureaucracy.
But hey, by all means if EU wants to be even further behind US and China and not go through yet another decade of not building any significant companies then they should just go ahead.