An awful lot of of the content is already coming from the United States. Hard to envision a scenario where this law changes that.
This is not about content creation, it's about protectionism of a dying (and increasingly niche) market.
I dunno about anyone else, but I pay about $150 a month through various streaming services, and I don't have cable or dish. I certainly do not have an expectation of free entertainment. The closest I've ever gotten to that is a free concert at the city park.