I believe it will come back. France is working on Bleu [1] which looks very similar to what Germany and Microsoft tried back then. In the mean time I think startups like Basecamp [2] that can provide a compliant alternative right now would get quite a lot of customers. One way of doing it is partnering with a European company to provide the same service out of reach to the US government.
[1]: https://www.globenewswire.com/en/news-release/2021/05/27/223...