100%! Between US tech surveilling the population, selling their data to data brokers, controlling what content they see, and surveilling even their customers customers, this has to happen extremely quickly.
The end goal has to be that EU businesses should be able to easily ensure that their customers' data is never accessible to US companies. This is incredibly challenging at the moment due to SaaS - the amount of subprocessors that a company uses, and then transitively uses, makes it impossible at the moment imo.