I think that, for action to be effective, we need both. The more tools we have at our disposal, the more the government can commit to taking action.
The rhetorical value of legislation creates the context that can catalyze action, but having the correct tools in a more narrow, procedural sense and in a substantive sense goes well beyond rhetoric. The rhetoric's important, and some of the symbolic aspects of this law are essential, but it goes beyond symbolism. It changes some of the triggering thresholds for the implementation of sanctions. It embeds the definition of prisoners of conscience within reporting requirements.
There are a lot of highly substantive and procedural additions in this law that will not only empower action but also, it is hoped, encourage more of the discretionary movement that you've alluded to.