> For the bank, I don’t really see why it would be preferable to intervene with the bank vs the tech company.

Because the bank has a fiduciary responsibility to its customers. The tech company doesn't. The bank can't just deny you access to your money because you don't want to have a Google or Apple account. That should already be the legal framework, but apparently it needs to be clarified and enforced better.

> Either way the state will have to impose on a private company.

Banks are already not "private companies" the way tech companies are; banks are already agents of the state in a number of important ways (such as being required to report all kinds of transactions, follow know your customer rules, etc.).