This legislation does not require it out of the gate, but it sets up the precedent and the incentives such that it will eventually be required down the line. That's the problem with anything that gives more power, and the expectation of even more power, to the server (ie to big tech).

FWIW I personally would be supportive of legislation where the data flow went the proper way of server->client, for the user-agent to decide. Consider: Any website over a certain size must publish an appropriate set of well known tags asserting whether its content is suitable for kids of certain ages, has social aspects, the type of content, etc. Any device preloaded with an operating system over a certain marketshare must include parental control software that uses tags, as an option in the set up flow. The parental control software "fails closed" and doesn't display websites without tags. The long tails of the open web, bespoke devices, new OSes, etc remain completely unaffected.