The only real reason is lack of ranked choice voting. With the current system a choice is made that is either a win or a loss. This creates a binary system of Republicans or Democrats. Ranked choice allows for an automatic fall back. If you vote for a third-party candidate that you really like under ranked choice, this is not a protest vote. If your candidate doesn’t win you provided a fall back to a larger party candidate.
The law sounds reasonable. I’d argue that it provides additional definition to defamation laws. Deep fakes are meant too fool people into thinking the victim made a statement that they did not. That almost seems like the definition of slander.