Wow, even for /. there's a lot of people who didn't even read the summary, let alone TFA. And there's a lot of FUD being spread.
There are also certain requirements, such as they have to make people's own information available to them if requested, they have to disclose breaches of information to those affected and so on.
It's just acknowledging that IP addresses can/may be used, in some cases (the summary points out that they already acknowledge IP addresses are often dynamic), to identify a person and deserves the same level of protection that things like phone numbers and home addresses already have.