"Or, is there something that can be done? What would be the best action to take to fight this decision?"
Of course there is something that can be done. In California, for example, the people can create a constitutional amendment by referendum. All that's needed is a prohibition on eminent domain proceedings to benefit private interests.
Same with our national government. If the Congress would step up and put the energy they've put into an amendment to ban flag desecration, for pete's sake, into such a prohibition, that would be the end of it.
What's needed is legislative activism, not some half-cocked talk of revolution. The SCOTUS has NOT said that such eminent domain MUST be done. It has only said that it CAN be done.
Local, regional, and state laws can prohibit such use of eminent domain with complete freedom.
There's what can be done.
That's the problem. It ruled that it CAN be done. The states are already seizing property, and now the federal gov't just said it's OK for them to do so.
But your idea of backing state constitutional amendments against eminent domain would be one way to fight this ruling. OK, so, that's one viable solution.
So, where do we all start?