They are not being required to publish their home address or phone number. Businesses are being required to publish their business address. If you're engaged in trade as a business, this is a reasonable requirement. (Otherwise, how do your trading partners reach you if they need to for legal reasons or any other legitimate reason?)
At the same time, it should be perfectly reasonable for a business to hire a registered agent and supply their contact information. The point is that the business be reachable.
You seem to be talking about registered businesses, while ICANN is targeting all commercial activity, which is much wider.
Why should I be required to publish my home address just because I run ads on my website? If I sell ebooks and someone wants to dispute their purchase they're free to do a chargeback on their card if I run off with their money.
Whatever stupid requirements ICANN introduces, the real scammers will easily bypass them while legitimate sellers will be robbed of their privacy.
At the same time, it should be perfectly reasonable for a business to hire a registered agent and supply their contact information. The point is that the business be reachable.