If it passed in its current form, my fear is that it would effectively be an extra tax and burden just for choosing to make games instead of some other type of media, and I’m concerned investors would see it that way too, and move their financial support to these surer bets, ultimately harming individual game developers and lessening game releases.

But for most games, I don't think it would it be an extra burden? As an armchair developer, most games might do a DRM check online, which would have to get removed or emulated or something.

For multiplayer shooters, I don't know if dev hosted servers are somehow a lot easier to do, compared to dedicated servers of yore, even if they're just internal, and would get a public release when the game is EOL. Depending on how things are defined, a single player, offline mode against bots might also count and "just" the multiplayer aspect gets shut down.

Games that would have a harder time are probably MMOs or Live Service games. I don't know how those would get sold/made, if you can never shut down the game. Maybe those types of games would basically have to be rented or something, so it's explicitly clear you're not getting a perpetual license.