Yes, the long term result of adding regulations such as this to the internet will ultimately result in an internet that is exclusive to large corporations as they will be the only ones with the resources to comply.
It is the same path we have seen many industry go down. At some point, large corporation will begin to lobby for regulations in order to remove smaller competition.
That's nonsense. Building a website that meets WCAG guidelines is ridiculously easy – it basically boils down, in most cases, to having good contrast and proper markup to identify various elements and their purposes.
It's a fantasy to complain that these requirements are onerous.
It is the same path we have seen many industry go down. At some point, large corporation will begin to lobby for regulations in order to remove smaller competition.