It's a massive privacy invasion and surveillance program done under the guise of stopping robocalls.
It will end up passing, and when it does every phone number in the US is going to require name, address, and government issued ID. And every carrier is going to have to keep that information, and associate it with a phone number, for years.
Given the data privacy abilities of most carriers (nonexistent), its going to become an identity theft gold mine.
Its just one more in the recent (global) series of attacks on electronic privacy. Governments decided that they really liked how easy spying on their citizens was for the 80's, 90's, and early 00's and they aren't going to countenance the rise of privacy that they can't easily breech.
See the attacks on end to end encryption, VPN's, any kind of privacy preserving medium of exchange, and basically all privacy respecting software.