If EU is a trade union this is a severe overreach, if EU wants to be a federation, there's not enough checks and balances. This is the crux of the problem.
The issue is that this is a legislation that only ones in power want(censorship on communications channel where they themselves are exempt from it), that has been pushed over and over again under different names(it goes so far back - it started with ACTA talks and extreme surveillance proposals to fight copyright violations) and details in implementation and/or excuse(this time we get classic "think of the children")