Everyone seems to be missing an obvious detail- there was a related and even more dangerous piece of legislation reintroduced recently. It’s known as the Kids Online Safety Act (KOSA), and that would have immense impacts on Google’s (specifically, YouTube’s) operations.
This is an example of them trying to claim the other bill isn’t needed, because they can self-regulate. You’ll notice how this also purports to protect kids, but in a way that is much easier and cheaper for Google to implement.