I've no doubt that Steam, PSN, etc can avoid complying with the spirit of the law on this, but the writing is on the wall as far as subscription services go.

Since I got my PS5 just over a year ago, I own 2 games for it. GoW Ragnarok that came with it, and BG3 that was only available digitally. PS+ has provided all the rest. I've spent the last week playing Teardown which is great. If this law actually happens, then all devs, not just indie ones, will be relying on game subscription service revenue.