What this law means is if a UGC website is used by an individual for the purpose of harassment, the UGC website won't be liable for it as long as they co-operate in allowing the individual responsible to be prosecuted directly.
It essentially gives UGC sites safe-harbour protection whereas before they could have been considered responsible for the content themselves as publishers. The legal responsibility is pushed back onto the individual who created the content, which is exactly how it should be.
AKA "Give us names and you walk."
This legislation is proposed for online communication and that is the target and reach that can be gamed. Blanket statements will not make it any other than what it is. An abusive new piece of language that is open to be used for censorship purposes. As to what I believe is insightful or not, that is up to my devices and I am free to share it or not when and how I choose to, for the time being. Tend to keep it that way.
I'm personally of the opinion that "online bullying" is a nonsense phenomenon. How do you deal with a bully online? You access the block function of the medium you're using and block the idiot. Done. You never have to deal with them again.