Europe produces a lot of high quality science. Research in US is on the other hand increasingly application-focused (something that EU is not very good at).
This is my observation as a former researcher who has experience in both regions; I don’t have references. It’s partly driven by culture, and economic system. The strong public system in Europe supports longer term research, whereas the strong private sector in US focuses on applications and commercialization. It wasn’t not like that in US few decades ago.