Yes, it's a contract. It's a contract that moves the world in a direction the EFF thinks is bad. You may disagree with that, but they (obviously) don't.

What do you expect them to do? Ignore what they consider a serious problem just because many people choose to accept it? Might as well tell them to ignore the DMCA because it was (and, AFAICT, still is) overwhelmingly popular in Washington.