I've found that self-hosrinf my own instance has been a very good way of keeping the number of bits, spammers and people that like to take things to the extremes at a nice and consistent 0.
Sure, self hosting your own instance isn't for everyone but it's definitely doable and I'm satisfied with my experiences so far.
UK Gov has already said they have no plans to change consumer law, so I suspect that this will have the same result as all other petitions that the government wasn't already planning to and nothing will come of it. There may be a token debate if it hits the 100k signatures but again, nothing is likely to come from it.