And, while this certainly won't happen unless things seriously escalate, the US Government could absolutely pull whatever records they want, whenever they want, and if need be charge the US companies and its members with appropriate crimes.

You cannot do that to a foreign government. I'm not naive enough to think that these corps aren't spying on people or that they're not selling that data to foreign, even hostile actors, but there's simply a different level of consequence.

If you replace China with Russia you can quickly see how fucking absurd this is. Yes NO ONE should be able to do this kind of shit, but it's absolutely another tier of fucked when you don't even have the veil of government as a threat to make people think twice.