Security made in <foo> is always a PR stunt. Deutsche Telecom, 1&1 and others tried it by pouring huge sums into an "Email made in Germany" campaign that only benefited a particular consulting company. It utterly failed because their geo-fencing idea was technically unenforcable.
CH is more dangerous because the same idiotic ideas brought to Switzerland will often take off. Most EU security companies I know would not easily consider CH as a great location unless it has something to do with business strategy: 1) tax, 2) location of a holding company see #1, or 3) sell into the CH market.
On the other hand many non EU based security start-up CEO's often talk about it as it had some security benefit. But as you say this is a huge lie since data protection has nothing to do with banking secrecy and even when the latter is in question a New Mexico LLC is a much more secretive vehicle than a Swiss GmbH/Srl
[0] https://de.wikipedia.org/wiki/E-Mail_made_in_Germany
[1] https://www.telekom.com/en/media/media-information/archive/d...