European wise I think we're really failing to build significant homegrown tech companies. I'm not sure of the exact reason although I've heard that startup support it low and too much regulation / diversity of regulation are issues.
There are plenty of European customs and views that make developing these companies unpopular (eg data collection and privacy) but the single-massive-market is the economic reason why the US is so powerful.
The VC system and network grew out of this existing development in America (of course the capital markets have been there since before tech, as I mentioned). The banking and finance system grew in America for the same reason - a large single-regulator market.
Spotify is basically a US company today - They have huge US offices, and their US subscribers are crucial. It's also a perfect example of a business that doesn't follow the high-fixed-cost-low-ongoing-cost model. They have to pay a license fee for every stream, so they can't amortize their costs across users nearly as well.
SAP is another example of a business that doesn't amortize as well across users - their product is very bespoke per company, and negotiated individually.
To even have a shot at getting a successful startup off the ground, you need to a assemble a whole team of those people, which is still much more difficult in Europe (though things may be starting to change).
And for the most part it doesn't matter, nor should it.
In the end all these regulations allow Europeans to have access to "safe" products but it kills most of our innovations in favor of the US or China.
You have countries that are willing to turn a blind eye toward their tech companies when those companies ignore laws to grow.
In some ways it's "obvious" they'll outgrow companies from countries which have a culture of corporate adherence to laws.
Left wing politics doesn't promote economic growth.
Agreeing with you though that the EU as a whole isn't really "left-wing".
Furthermore, the Greens are blocking real progress in the name of NIMBY-ism. The current government is actively killing markets by introducing harmful policies.