Orwellian nanny state or best idea ever?

Seriously not sure how to feel about this.
From CNN:
The 10 banned platforms ... say they'll comply with the ban, using age verification technology to identify under-16s and suspend their accounts, but they don't believe it'll make children safer.
...
Under the law, platforms need to show they've taken 'reasonable steps' to deactivate accounts used by under-16s, and to prevent new accounts being opened, to avoid fines of up to 49.5 million Australian dollars ($32 million).
Of course, some parents -- and potentially some of the social media platforms -- are going to find ways around the new law.
Many of the platforms have simply deactivated accounts of under sixteens. Meta, to their credit, gave their users fair warning so they could download all of their content before being deactivated.
X, well, they think the legislation is anti-free speech, so they haven't really said what they're going to do.
The Australian government tooted its own horn with this display:
Meanwhile, Aussies had some thoughts:
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