EU legislators are totally detached from reality, it can be seen that they do not understand what is the matter with AI, for them it is just "another IT tool" that can be "regulated".
As always: US innovates, EU regulates.
The benefit of these innovation generally don't accrue at all to the bottom half and minimally to the next quartile. As someone not in the top quartile I would given the chance much prefer to be an EU citizen both in general and in respect to this regulation.