More than this, it sounds like a serious net negative to me.
Legit users who had modded their clients to have some perfectly fine features (such as performance enhancements) are SOL - they aren't gonna risk it just for features they've lost, they either gonna live with whatever's left or just abandon it entirely.
And those with malicious intent are gonna just work around the anticheat (because why not - what they're doing is most likely was some bannable offense already) and continue. Yes, there's some barrier but just the other day we had a thread where DMA hacks were mentioned (and PCIe cards for that are pretty cheap) - does EAC has anything against those tools?
Their “simplest possible solution” has not solved the problem.