It's not the EU's fault that the US government has been completely useless for so long that big tech thinks they have a right to trample all over society to make an extra buck.
If it’s not US companies, it will just be Chinese ones. Homegrown isn’t an option the EU places much value on.
The current approach may be benefiting the US economically, but it's also ticking up a time bomb in the form of an increasingly pissed off public.