It's a little bit of a misrepresentation(I'm guessing by the food companies) that the products themselves are banned.
The issue here is that we have a chemical which is deemed dubious enough when it comes to human safety than it is banned in the EU, but food companies would rather keep using it above any of the safer alternatives to save cents on the dollar instead of protecting the US population.
edit: to explain more. There is always a possibility that a meteor is going to crash through my roof and kill me this instant but the probability of that happening are very very very tiny.
Precautionary principle or something like this.
The regulators who are supposed to protect people in the US work to set themselves up for their next job going to work at the companies they're currently regulating.