> Why is it overreach?
Because the EU is targeting companies beyond it's own borders, including companies that have no representation in the EU. Google, Apple, Facebook, etc. have the means to affect policy worldwide, making them international. Smaller companies do not.
Ma and Pa's Midwest Quilting Shop is really going to hate it, when they eventually get around to disovering they've got a problem. It sucks for a lot of people who depend on advertising, but imagine how bad it's going to be for niche sellers (quilting supplies, Americana dealers, woodworking tool sellers, etc.) It's an opportunity for someone over here to make a pile of cash, but there's no way it's not going to suck for the little guys.
Nine times out of ten it probably doesn't matter. What happens in France happens in France and that's not really our problem to worry about. This is that tenth time.
I suspect there's more than a few Europeans having a big, fat cup of haterade-flavored schadenfreude with their afternoon tea who wanted exactly this to happen.