I don't think you need to express any hunches when some sleuthing will reveal the interest/lobby groups, organizations, and politicians and their connections etc that pushed or advocated for this legislation.

That said, your legacy media hunch also doesn't make any sense because this writing on the wall and social media being a threat has been a thing for over twenty years now; they have fully embraced and integrated social media, and have filed lawsuits to get money from them: [0] says Rupert Murdoch's News Corp will get paid by Facebook for News Corp content, specifically in australia but this goes / went on everywhere.

[0] https://www.theguardian.com/media/2021/mar/16/rupert-murdoch...