Reminds me of a lot of the ire that I had for GDPR when I first read it (vague wording, general legislative over-reach, potential for arbitrary enforcement, and shoving it all through due to popular consumer sentiments that aren't necessarily directly related). And like GDPR, it will hurt innovation, although that detriment is difficult to measure.
I don't think the European Parliament or the European Commission are elected by the general public, I'm pretty sure the EP is selected by governments and the EC is voted on by the EP.