Fair use is still there, but often not realy needed because lawsuits are covered diffirent here. For individuals, you often have some government protection systems. These can cover lawyer costs etc. A company cannot use those advantages, so they are always paying. This makes most companies not try if they cannot even get more money back then they invest.
And there are a lot of loopholes here. In some countries defending the company, in some countries defending the defender. Germany is being one of the worst here, the netherlands one of the best (cant remember which one was actualy the best, but the netherlands at least have the downloaders protected).
This stuff is difficult, and therefor many companies wont bother with small cases. Hence, fair use is preserved and no special laws have to be made to cover this.
And then there is the part in politics that whatever party wants to protect those companies getting a very negative response, and usualy will be kicked out the next election cycle. No politician wants to go there, so most of them have decided to be very protective towards the downloaders (mass uploaders are generaly accepted to be hunted on).
The only reason why fair use is rarely used as a term, is because we generaly dont get these cases in lawsuits to begin with. In most cases its only people that have mass uploaded. And the other cases are often handled through an arrangement without lawsuit (usualy comes down to several hundreds of euros, after which you have a clean slate again, even if they did miss a few other aspects). If fair use has to become part of a lawsuit, and the lawsuit realy needs to check this, in most cases the defender already won (when this argument shows up, its no longer about an illegal upload or download. and a lot of other aspects show up, as in this case the marketing effect is also considered part of it). Wasting resources on the law department is illegal, and can nullify lawsuits.
Thats because deepfakes are new, and in the current society not widely accepted and available yet. If deepfake videos only take 10mins to generate, this will be diffirent. And i think the porn business will even adapt to it by simply providing models (which are then still based on real persons), which the deepfake software then can use to make whatever the user wants.
And an advantage here is that those people now also in their own private life arent going to be as easily recognised as such actress anymore, since its mostly deepfakes anyway (yes, the video recording itself is done by a few people, but its irrelevant who they actualy were).
Sure, some aspects can end up worse, but this is currently just a too new aspect to realy get any grip on the possibilities and accepted limitations on how far they should go.
The real deepfake issue atm is political. Once deepfakes are extremely common (and generated in <10min with very high realism), no video will be blindly trusted anymore to be real. Just as much as any politician singing dragostea din tei has learned people enough about how easy it is to already make certain content.
Consensus being demanded is already an argument that is being weakened all the time. People blindly ignore the part that google and facebook are trying to track you into soo much detail, its actualy a very big risk. Google probably knows your sex orientation better than you do yourself, and can steer you into whatever direction it wants. As long as people dont understand this part, they wont understand the deepfake part either.