In my opinion an outright ban like this is the only way to begin to make the internet a net force for good again. The high profitability of exploitative data collection creates a perverse incentive for businesses, which coupled with unfettered capitalism(in the US especially) has led to the current situation with Facebook, Google and others; sacrificing privacy, personal freedoms, and even democracy itself on the altar of ad revenue.
This is also a rare window of opportunity where the Democrats control both chambers of congress, making such a ban at least somewhat feasible.