If there's anything stupid here, it's Microsoft's decision that if you want the ads to be easily identifiable then you need to have them in your face, all the time.
Comcast SHOULD have a government-enforced monopoly over internet service! If you think that is overregulation: "Yes, damn governments always after our benevolent corporations"
Successive legal decisions are deeming "operate in Europe, but store data in the US" to be not protective enough of EU residents' data.
If the EU has no economic horse in the race, they are going to make rules that reflect that. If anything, even to ban the companies that other countries have that are valuable if they are uninterested or unable to compete.