Well, in this case, it is actually Valve that does the licensing. I don't think the original companies have much to do with it, other than maybe being more willing to sell through Steam than e.g. GOG or itch.io.

But all in all, yes, it would be a much more useful law, if it declared such a licensing model void.
I'm guessing, they didn't tackle that problem, because there are more legitimate uses of a licensing model, like World of Warcraft only giving you access while you're paying the monthly fee.

Nothing unsolvable, but you need some solid laws and it'd be a lot less likely that you'd get support from enough political parties to carry this into actual law.