This is a wild take. Most serious media companies would collapse without online ad revenue. Google would be dead, along with all the products that sorta run the world like maps. But even local publications, like your independent city news site, which you presumably think is good, also die instantly.

The ladder is also pulled up behind any kind of independent quality content producers. You cant run a successful channel without dedicated paid subscribers, and you can't build a dedicated subscriber base without years of work and supplementing your income with ads, so basically everything with an online audience also dies.

Yeah, but why don't we ever hear any MEPs talk about it like that?

True but the whole “influencer” and “creative” industry would collapse overnight. A few large ones would survive on their patreon income, most would collapse and have to get a real job, if those are still around.