I think the main point on national NIL legislation is that it would be national - applying to all programs in all states. right now, that does not exist, and the NCAA has basically thrown up its hands and said that they're powerless to do anything about the current situation.
certainly, the devil is in the details. I'm not a lawyer, so I have no idea if Congress could impose regulations or restrictions on the 'pay for play' NIL of John Ruiz, et al. just spit-balling, if the law required equal value in return for compensation, then a player receiving (let's say) a $500,000 NIL deal would somehow have to provide $500,000 worth of value or service in return. I believe there are some legal definitions or tax law on what constitutes equal value - correct me if I'm wrong.
If that is legally possible, that might push NIL back toward the original concept of players marketing their own name, image and likeness.
but as always, it is a lot tougher to put the genie back in the bottle after it has been released.