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I'm not sure how the law will pan out because of this. While it is beneficial, and airlines are financially held accountable, being reimbursed the price you paid for your ticket will not be enough to get you on the next available flight to wherever you were going. Depending on when the flight is canceled.
You're not guaranteed to get the next flight anyway. At least this way you're at least getting your money, which airlines try to make you pay extra for just to get the right to ask for it.
You're correct, but I don't think that is what the law was trying to fix. I think it was trying to fix paying for a flight in cash, and when a flight is canceled being given a voucher (often for less) locking you into purchasing from that airline again to get any value out of your original cash.
At least with this step if you pay $200 for your flight initially, and your flight is canceled, you're given your $200 back to by a replacement which may, that day, cost you $600, so its only costing you $400 cash instead of $600 cash which would have been the situation before. This is a step in the right direction.
I was under the impression that the law was already that airlines had to give 3x the ticket price if you were involuntarily canceled or bumped from a flight, which is why they offered to compensate people to volunteer to take other flights or a voucher instead.