As one of the Secret Kings of Cheese in IronGAF---I can assure folks that there is room for all in the wide world of cheese. I'm moreso surprised that this move took so long to come about as I'd have reckoned it to happen back when the "culturally/historically protected status/method/etc" movement went down as far as Pizza goes, Margherita especially.
I guess this has more parallels to the big, ongoing dust-up as far as Olive Oil goes though in terms of quality?
The USA absolutely has the potential and skilled folks to make some excellent cheeses often on par with, and at times exceeding, any of origins elsewhere in the world---laws on certain things carve out some caveats. The same is true from Europe versus all else---good cheese cares not for imaginary lines and entirely arbitrary designations! The trouble tends to be that entrenched big industry, on all sides, favor that race to the bottom as opposed to the real champs worldwide---your successful artisan outfits that do it not only for a good living, but for preservation of tradition and pursuit of excellence in the craft.
Frankly, most proper cheese makers in the US already have their own names for their specific creations same as anywhere else in the world---usually, their stables include takes on Parmesan and other "staples" largely just to help bridge that gap into the unknown for most folks that live their lives only eating the same 3-5 cheeses or so and just because they flat out like them as classics....or as a point of reference to see where they are trying to springboard to.
There's something a bit weird about how this has all turned into such a big ruckus, but I chalk it up to another in a long line of folks not realizing how good they've had it and trying to get things in a better order out of fear of it actually slipping through their fingers when it comes to culinary heritage----highly related things are going on worldwide in recent years in terms of Heirloom seeds and Heritage breeds of cattle, pigs, and all else.