Personally, for the sensible cycling or backpacking wild camper I cannot see that this law will make one iota of difference. I state this as someone who has often wild camped and may continue to do so if my circumstances change.
I live in a rural community on a common, within a 2 miles radius I have 8 farms, 4 horse riding establishment, a stately home, 2 large country mansions, 2 historically important sites and 5 areas of common land (each as an ancient covenant which would forbid any form of camping). Never in the 20 years I have lived here have I found any objection to a passing cyclist or walker wild camping within this area.
This morning I stopped to speak to Mathew who farms less than a mile from me, his land encompasses a lake made by Capability Brown to feed the water features at Crome Court. Also Sustrans route 45, a well-used E2E route, passes within 50 yards of the lake but hidden by trees. We talked about wild campers as he said about two a year camp by the lake. He said he had no objection except he wished they would let him know they were there. Apparently, the dogs know they are there and don’t settle until he has been to look. Also if he was not aware of them, early morning he could release stock to drink at the lake and being inquisitive they could cause damage or injury to anyone camping there.
As for the suggestion that they could be confronted by a landowner with a loaded shotgun is just plain silly. No registered owner of a shotgun would dare risk pointing a loaded weapon at another human being in a threatening manner.
On the other side of the topic, in a village near to me travellers broke into a children’s sports field and playground. In five days they caused £57,000 worth of damage including: Completely wrecking the entrance gate which also served as a disabled entrance. Ruining the grass playing area by racing quad bikes around the field. Leaving vast amount of rubbish and scrap metal behind. And worst of all using the artificial turfed tennis court as a toilet. This meant the whole area was out of bounds for the children and disabled of the area for almost a year. If this new law prevents this behaviour then I for one am in favour, even at the risk of curtailing some wild camping, which I doubt will happen.