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Not only would this cut back on demand for NFA items, there is also the issue of what happens to all the already paid-for but still pending NFA applications when this goes into effect. A giant cut in demand + a huge dump of NFA items at the same time is going to hurt. It almost looks like this regulation was designed to put people out of business as its primary goal.
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The bill was probably designed to close a loophole in the regs/laws that permitted the suppressor business to grow as big as it did over the last 3-5 years. I saw something like this coming several years ago when folks thought that Trusts were the best thing since sliced bread to avoid the CLEO requirement. It effectively returns things to the way they were before NFA Trusts and the expansion of the suppressor industry.
FWIW, I like suppressors, machine guns, and other NFA items. I think the CLEO sign-off requirement is simply bad law. But, the NFA Trusts permitted cowardly CLEO's to get into office or to stop signing because whether or not they would sign-off was no longer an issue. You couldn't not know this was coming.