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Why is this the case? Don't the data portability rules make it easier for Europeans to be able to switch to a Facebook alternative?

The argument for this point of view is that regulations like GDPR (or other things like corporate taxes) are easier for companies with gobs of capital and armies of lawyers/accounts to accommodate than companies lacking those resources.

A tall person may not appreciate flood waters, but a short person appreciates them even less.

The argument they made in support of GDPR for reducing monopolies was pretty strong.

Which is a good thing.

As for FB itself, once upon a time Hi5 and MySpace were all that matter for social networking.

Also many European social networking sites like Xing are doing pretty ok, in spite of GDPR.