Eh?
Google has cold AI that blocks content automatically without asking anything. The same AI cannot and won't ever know if the content is actually, let's take for example, a videogame review.
In other words, thanks to this vote, EU audience will most probably be disallowed from watching Angry Joe's game reviews on YouTube. He'll use a few seconds of Anthem footage where AI will just declare it's some content that belongs to EA, needs to be blocked.
EU is not going after whomever, it aims to protect only huge corporations and corruption. Based on the vote result one would say EU believes machines are already sentient Terminator robots, but not really, it's all about licking feet of big fat companies.
On the paper "the law" looks good - fair use is allowed per it. In the real world on the other hand, with current capabilities of "AI" bots, it'll have the same effect as censorship. EU MEPs know this will happen, but don't care. Okay, not all of course, some voted against it.
Or maybe they don't know a simple bot can issue as many DMCA requests it wants to block something and that content will be instablocked without any question? Currently, no AI asks if one who "protested" is actually a content owner, blocking happens automatically.
This doesn't mean everything will go down the drain, a written review that points out lootbox scams won't be censored by any bot - assuming it doesn't use any screenshot from a game. But in this century, who'd read such review?
That's the reason why article 13 (now 17) spawned articles "the end of internet as we know it".