Maybe, I'm misunderstanding the goal of this new US federal guideline but it sounds like a bonehead idea to me. The goal of this guideline is to standardize how employers track data on diversity of job applications. However, it requires very specific aspects that makes it quite impractical to apply for jobs online.
Per this article on Money magazine, one item is that you need to exactly match the text in your resume to the exact qualifications that the job posting requires. Otherwise the employer will never see the application in the first place.
If you have written enough job postings before, you may know how challenging it is to describe exactly what you want. Not only that, the not everything is so exact that people describe the same skill by the same definition. So if the applicant doesn't understand what the potential employer means by it, they can rewrite their app to match but that doesn't mean that they have a proper match. This means false matches.
Another way to look at it, even if you do want to apply for a job, it has to be written exactly per the employers needs. While it's not a bad thing to design your resume around the employers needs but, just mechanically having to format your resume and application per each employer is just time consuming (and I argue wasted effort).
I don't know who was involved in this but it doesn't sound like they spent a lot of time researching the user experience on how people apply for jobs online.
New federal guidelines on online job hunting makes silly demands on job-hunting