It is editorialized, but I would agree with the sentiment expressed - the clip does make it sound like the US law directly motivated the EU proposal.

The US cloud act doesn't ban end-to-end encryption or force companies to install a backdoor. If it really motivated the EU proposal, then EU lawmakers can't read.

I took it to mean their real motivation is to grab juicy enough mass surveillance info on all European traffic to trade for a copy of the very juicy indeed mass surveillance info from storage and traffic associated with US companies?

It wouldn't be that they're copying the legislation exactly, but rather that they're set set on acquiring something of commensurate interest to trade for.