Assuming this goes through, the ramifications are bigger than most people here seem to realize, and would seemingly affect Apple a lot more than Epic. Say goodbye to any new Unreal-based games running on iOS (e.g. Infinity Blade, Injustice 1 and 2, Mortal Kombat, Hello Neighbor, Life Is Strange, etc.) or Mac (e.g. Psychonauts 2, Ark: Survival Evolved, Obduction, Life is Strange 2, etc.). Not to mention saying goodbye to Unreal Engine 5, which was due for release on iOS and Mac next year and would have allowed developers to use the same engine across the next-gen consoles and Mac/iOS. Without it, we'll lose access to a lot of games.
I'm not making a judgment call here about whether Apple is right or wrong, but this is the sort of thing that can easily blow up in Apple's face. Epic likely doesn't need the money for licensing those games on Apple platforms, but Apple needs headline-grabbing games to make the case that they care about gaming. Cutting off one of the key players in that toolchain is not the way to keep those sorts of games coming to your platform.