Whether or not the tech companies have too much power does not sound like the most relevant question here. The lack of power of citizens of communicate privately is the more worrisome thing. And maybe some random person is right to say that all of his communications are not something to hide. It becomes something else if lawyers and journalists can't protect their communications. If the state cannot suffer that it is rather likely that it is engaging in dirty business that it wants to hide, as pretty much all of them are.
The funny thing is that true end-to-end encryption actually weakens the power a lot of tech companies have. That content isn't available for them to scrape.
By mandating that the encryption can't be end-to-end guarantees these large companies access to private data they wouldn't otherwise have. Data they can then use for their own gain. When people complain that they have that access, they'll now have the excuse the government made them do it.
Is it, though? I mean, most people think all sorts of bad stuff happens on the internet, so playing to those emotions would garner more support.
> ... extreme ignorance, or because of a lust for the power and leverage...
The latter. They believe that tech companies have too much power right now.