Between the tiktok / wechat ban in the US and this, even if they don't materialize, I'm wondering if this is where we are heading. A deglobalization of social networks, each country or continent having its own...
You mean back to what it was before? Every country used to have its own social network. Russia has VK, China has WeChat and the rest of the world has Facebook. Hopefully that will change, but I don't think opensource is there yet.
Why not do it then? if you're scrambling hard for some tax scraps surely it would be more viable to 'just create the next fb' if you could.
The replacements could be "nothing". EU never needed these companies in the first place.