The EU can very much dictate how businesses do business in Europe. Consumer protection is one of their responsibilities.
The initiative however says nothing about forcing anyone to run servers or to release code. If you think that, you missed the entire point. Games in the past used to work just fine after being abandoned without keeping servers online or releasing code.
Exactly. It's really unnerving the amount of misinformation still being discussed after all this time. All the information was in the website since the beginning. This petition only forces the EC to talk about the topic. That's it. They'll probably ask for opinion of the industry and of consumer protection groups.