Knowledge Graph is the target here, not sites which actually drive revenue to the actual site owners. The EU is looking to protect the Internet by ensuring independent websites have protection and legal recourse from abuse by big tech.
They're going after the companies that actually drive the traffic. If Google News, Hacker News, Reddit, etc isn't linking me to your site... I'm never ever ever going to see your site. You still get the page views, ad revenue, etc when someone else sends me to your site, so what's the beef?