You get what you pay for. LCCs don't compensate because they don't charge fees to allow them to.
I guess you have to consider the times that you have been inconvienienced by a carrier (of all types) and then balance the compensation received against the fare paid.
Over some 25 years of paying my own air fares, I would be hard put to think of a time when I have been completely stranded. Friends that have been stranded in various countries of the world, take it as part of life. Yes, of course, it can be a hideous problem and deeply frustrating but then, life is!
If this legislation does go through, it will have a severe effect on LCCs and if they start charging more money or cutting back on service (i.e. jobs) I wonder how clever the legislators will think themselves. Sounds like the EU want to have it both ways. In most things, one cannot.