I don't think this would pass, the megacorps stand wayyy too much to lose here and would fight tooth and nail to prevent anything like this. Same goes for a lot of the US government. This would kill any website with user generated content because no company would risk the lawsuits and basically boils down to two options for them - get collapsed due to the cost of legal fees resulting from millions of lawsuits, or get collapsed because the major sources of income streams of your business no longer exist.
Facebook/meta - gone, youtube - gone, reddit - gone, lemmy - gone, twitter/x - gone, bluesky - gone, every chat application - gone, every email provider with a web application - gone, every search engine - gone because they wouldn't be caught dead potentially displaying anything made by a user, etc.
This would instantly kill the thousands of data mining/brokering businesses that exist because they collect and sell this data.
Sections of government that collect the same data to spy on what people are up to would also not be happy about this. Making it so that people can't openly discuss anything actually damages their ability to control narrative because no one would be able to speak openly anymore, including bot accounts.
Ad companies would die because users would no longer have any reason to visit half the websites where the ads are and therefore advertising on them would be useless.
IT infrastructure would collapse because there would no longer be any place to discuss fixes or workarounds to problems and every open source project would cease development - which a tonne of proprietary technology uses in their stack. Every business that uses a LAMP stack would almost immediately be fucked.
Billing systems would collapse, large numbers of people wouldn't be receiving paychecks anymore, supply chains would crumble, etc.
Tonnes of companies would get hacked because there wouldn't be a reasonable way for people to distribute information/stay in the know on new vulnerabilities for the masses of IT/security workers.
No one could leave reviews of any kind on any service or product which has a litany of resulting problems itself.
This would also result in an ungodly amount of lawsuits filed for any and all reasons which would basically collapse the court system under its weight.
Even if this went through, I'm sure it would immediately collapse the economy like has never been seen before and they would scramble to revert it.