The thing is, the EU won't have the power to oversee that entity.
- It this a false positive or The Scanner is exfiltrating confidential information?
- Is The Scanner selling all the information to a 3rd party in another country?
- Did a ad actor pay The Scanner to they can get exemptions for their content?
- Alternatively, is The Scanner persecuting somebody through false positives?
The EU won't be able to answer any of those or probably even arrange to investigate it. There is no practical overseeing over that entity.
When the government does something, it imposes some strict rules over the people working on it so that kind of question can be answered. A private organization with no fixed country allows for no oversight at all.