Just considering that the law is forcing people to think about shutting down operations is a sign that the law is having a chilling effect. Both for existing websites and the potential creation of new ones.
Just because you believe yourself to be the sole arbiter of which websites are valuable and which can be deleted without worry doesn't change the fact that this law is having a negative effect on small websites.
Perhaps with better communication about the law, rather than the hundreds on hundreds of pages of vague guidance, the law could remain as-is and small website operators wouldn't be as concerned. However, that is not the case.