I've learned from my mistakes with Google IoT. Unless I can host things myself, preferably even before the product inevitably dies, i'm not even considering it
Too risky. Who knows what's hiding in their code. Might be some copylefted library or a piece of code that's been copy-pasted into the project without fully complying with the copyleft requirements. Making sure this isn't the case and/or cleaning up an abandoned project can be costly and complicated. Easier for them to just kill it.
The problem is that many companies can't do that as they can't give you their custom server code. The only solution here would be to change design from the beginning so that devices can work without servers and are also so secure that they don't need security updates
That is the point: The pure threat of being forced to open that code could shift the business model to not have proprietary server / cloud code at all.
Most IoT devices that died did so because the vendor went out of business and had to shut off the servers. Most lived in hope that a last minute investment would keep them afloat. In a few other cases, it was the middleware software provider (like Google IoT) that shut down and bricked a device.
This legislation might apply to a big company that decides to discontinue a product line and could then send notices out, but most startups won't know (or admit defeat) till the last possible moment. By then it's too late.
For most people, their smartphone is their computer, and (globally) Android is the top used one. Android is a version of Linux, so every year for quite a while has been the Year of the Linux "desktop".