Well... up until now, airplanes have been reasonably peaceful and quiet. It's been that way for so long that I think it is reasonable to expect it.
As for earplugs... they're not really all that effective. They're good for dampening certain kinds of noise, but it's far from silent. Even with earplugs in you're going to have no trouble making out the conversation of the person next to you, and that's going to remain distracting.
I really don't believe that legislation is the answer here. I think there are a lot of alternatives to try first. But this is going to make some people happy at the expense of making a lot of other people very unhappy, and in considering where we go from here I'd ask the people in the former category to not put all of the burden on the latter.