We already have laws to protect the innocent under most conditions. Slander, Libel, and defamation did not vanish when the Internet popped up. They are harder to enforce, sure, but they did not go away.
In the case of your 5% innocence (which is as useless as most other statistics in my opinion) any of those people could have sued the source for damages. If found guilty, sources are forced to change or amend content and generally issue public apology.
This "forget me" law does not do anything to address the root problem. How does someone in the US sue someone in German for libel, or visa-versa? They don't, or at least common people could never afford to do so.
The other point to mention is probably more important. This law was never described as a means for individuals to prune their personal history. The law was intended to prevent bad information from remaining prevalent on the Internet. Such as bad science that had been discounted (not just from conspiracy sites, but that was a large portion of the case "for" this law.
The way it has been implemented, it has a gaping loophole allowing abuse by individuals. Laws that suck should not be passed, but, people keep on believing the bullshit bureaucrats tell them.