The only way this targets non-European businesses is because the litigious nature of US culture seems to lead to this sort of overreaction.
I'm also not sure how a malevolent user is any more incentivised to abuse this than DMCA. The DMCA lets them issue actual legal threats and action. This just allows requests.
The DMCA helps big business at the expense of the general public. This does the reverse. It's no wonder there's been so much noise and scaremongering.