Loudness normalization absolutely does push back against the excessive use of peak limiting, because it uses RMS (or a similar measure) to normalize tracks. So a track that uses a lot of peak limiting and then cranks up the RMS will simply be re-lowered in volume by loudness normalization, defeating the purpose of the peak limiting.
What loudness normalization does not deal with is more conventional forms of compression, where all soft sounds are boosted and all loud sounds attenuated. The kind of compression can be a real sonic problem of course, but it's been going on forever and unlike peak limiting it is a longstanding part not only of the mastering of rock/pop music, but also of the recording of individual instruments and of the mixing process.