IANAL and not even US resident, but "provide incentives, rewards, rebates, surcharges, penalties, or other inducements related to wellness programs" [emph mine]

IANAL and not even US resident, but "provide incentives, rewards, rebates, surcharges, penalties, or other inducements related to wellness programs" [emph mine] sounds pretty clear to me - they can make your healthcare plan unaffordable if you don't participate in the "program". They mention established limits to rewards but not to penalties, so unless some other law is protecting you, this bill looks like what headline says it is.