It’s not supposed to be a finished law at this point. The main take from the initiative is that digital games have a massive issue with anti-consumer practices, and that consumers demand something to be done about it.
How would this exactly backfire in your view?
EU is way too large of a market to “lock out.” Didn’t happen with Apple, for example.
For subscription hell, we’re deeper into it than is healthy, but I don’t expect it to take over because of this. Steam, which is the biggest, most profitable platform out there doesn’t even offer a subscription and shouldn’t be hurt by this. For competitors, trying to suddenly force everyone into a subscription would lose a lot of business.
Edit: Anyway, doing nothing about it is a guaranteed bad outcome.