> ... via warrant or subpoena to provide ....
This is crucial. Legal due process.
Also
> ..... U.S.-based technology companies ....
Other jurisdictions have something similar, every company must adhere to the laws of the jurisdiction they want to operate in.
You don't like it as a company, not a problem just don't incorporate in the US and live with the repercussion.
There is nothing that suggests that it is out of the ordinary or malicious.
Where it becomes interesting is access without a warrant, or with a muzzle attached, at large scale. That is the clandestine stuff. The purview of intelligence agencies.
That has been addressed by the EU with legislation; privacy shield was not really the hit, but guess what: MS complied. https://www.reuters.com/technology/microsoft-roll-out-data-b... so spooks from the US will now have a harder time accessing user data at scale without a warrant.