Much of what people call cloud is a commodity at this point. If you need vms, object storage, load balancers, vpcs, etc., which is what most people would need, that works in a lot of solutions. And you can usually also find managed databases, redis, and a few other bits and bobs. If you like Kubernetes (I personally don't), the whole point of that is that it kind of works everywhere.

People over pay for AWS mostly because of brand recognition. And it's not even small amounts. You get a lot more CPU/memory/bandwidth with some of the competitors. AWS makes money by squeezing their customers hard on that. Competitors do the obvious thing of being a bit more generous. Companies could save a ton just switching to competing solutions. Try it. It's not that hard. Some solutions are obviously not as complete.

This not about US vs. EU but about sovereignty. If you are married to AWS, that's a weakness in itself. Ask yourself how hard it would be to move to Google cloud. Or Azure. Or whatever. If that's very hard, you might have a problem when Amazon jacks up the prices or discontinues a product.

We use a mix of Google Cloud and Telekom Cloud for some of our more picky customers in Germany. Telekom Cloud is not very glamorous. But it's essentially openstack. Which is an open source thing backed by IBM and others. I wouldn't necessary recommend Telekom Cloud (it has a few weaknesses in support and documentation). But it does the job. And unlike AWS, I can get people on the phone and they are happy to talk to me.