Seriously, though. Why now?

New rules take time. Depending on the complexity of the regulation it can take a year or two to write (lots of internal reviews) and then there's a long statutorily-required public comment period during which an agency is required to read and address every comment. For this regulation, the public comment period appeared to start Jan 8, 2023.

You can see the public history here: https://www.regulations.gov/docket/FTC-2023-0007/document

Because that administration needs red meat to activate their base ahead of an election cycle

Same as student loans. It’s election season.

Oh no, a sneaky politician trying to win my vote by making material changes that improve my life!

But.. why did you have to wait so long? Politicians should have been making material changes to improve your life without it being an election year. We should demand better of public servants.

They could/should have been doing this stuff from day one tho not waiting until the 11th hour.

See my comment above; administrative rules generally take a couple of years to work their way through the system before they can take effect.