Old people don't understand how the internet or technology works.
Most Republicans and some Democrats genuinely believe that the private sector knows best, and the biggest names in the private sector want this Bill passed.
Good news is that the law is unenforceable. Australia was considering a similar system, until they were told that the entire process of monitoring what everyone does was impossible, and a wise Judge threw out the proposed law suits.
A similar thing might happen in the US: Politicians may be old, doddering fools who are elected due to smooth-talking (or loud-talking) and not much else, but Judges are actually intelligent people trained in the interpretation of law. A politician might pass it, but good luck keeping the law from being struck down in court. If the law is unenforceable, and if it really does threaten free speech, the courts will strike it down.
And I don't live in the US, so I'm not so worried anyway.