Europe is large and educated. The EU has 50% more population than the US and the EU is just as highly educated and almost as rich. Yet how much everyday software do you use that's from the EU compared to the US?

Something has kept EU companies down. I assume that it's the combination of the various regulations we have in the EU that make it less welcoming of an environment to run an online business. GDPR is just one additional brick in that wall.