Nobody cares about your VPN.
This bill is about making the internet companies responsible for what they publish, in the same way that newspapers and TV are.
If you've got the technical ability, you can get round any internet legislation. But then you're probably going to be ad-blocking anyway (and certainly showing from the wrong geographical location) - so you're no/little use to those same interent companies.
The point is to hit them with the big stick until they comply with the law of the land like everybody else has to. And all that requires is to hit their income stream, which is the normal users who they make their money off.
If you want to use a VPN to look at beheading videos, or content designed by the Russian government to fuck with our elections, then please go ahead. It'll never go away. Just become less mainstream again.
Obviously there's a danger that once they're responsible for their content, the big internet companies will go too far in self-censorship - as it's cheaper than making proper editorial decisions. Or they'll just give up on promoting contentious content from random peoples' posting into everyone else's news-feeds. But if they do that, then they'll lose user-engagement, and so lose money. This levels the playing field with the traditional media, who at least have some standards.