I'm not sure where you suppose we should read the proposal (as it's not made public yet) but all summaries of journalists that have seen the document itself see

I'm not sure where you suppose we should read the proposal (as it's not made public yet) but all summaries of journalists that have seen the document itself seem to pretty clearly indicate that it's indeed targeted at revenue generated from EU users only. Some even cite passages on how to determine location. If you have other information please share them.