I'm not sure exactly why people keep bringing up privacy concerns here. The law does not require collecting IDs or face scans. It requires os providers to add a screen where the account holder specifies the age or DOB of the user. The OS is not allowed to send that information to 3rd parties unless it is required by the law. And when they do need to send it, they are required to send the minimum information (just the age range, not even the DOB).
This law actually does more to penalize the parents that give their children free access to the internet. If the parent circumvents or enters the wrong age then they are penalized.
In addition it also forbids developers from asking for more verification data unless they are confident that your age range is incorrect. Which stops developers, for instance Discord, from requesting IDs without reason.
I do not think this law is written well at all. But I also would not mind more structure to how age attestations are done.
I'm sure many parents are capable of monitoring their children online. They either just don't care or don't think they should have to.