Meanwhile, most computer science jobs are not in the U.S.
Like making six figures a year for screwing people over at Facebook?
Sorry for being snarky, but lots of jobs in IT businesses in the US tend to be somewhat unhelpful for the society at all and not really providing any benefit in the long term.
In regard of this I'm always somewhat "happy" that we fail in Europe with building "the next Google", "the next Facebook" or whatever.
So you're correct, the EU has failed in building the next Google and Facebook, because the majority of top-tier EU CS grads already work for them.
While you might be happy Europe has no six figure SW jobs, I, not being able afford a decent house in a decent area to raise a family on your average Austrian SW dev salary, am not, and would gladly take a FAANG job any day regardless of how morally questionable it may seem from your McMansion.
My family's well being comes first.
Maybe because of that we're holding values and standards like "do no evil" high, because there are more important things than money.
I can't afford a house in a decent area either, but I'm pretty sure I won't fuck up lives with my job. And I'm still making enough money to support my family and keep everything going.
I'm far from rich and am on a not-even-competetive UK dev salary. I still and pick and choose which companies to work for based on whether they align with my personal principles. It's not like there's only one company to work for.