That's true right now, yes. But things are changing rapidly, e.g. there is evroc [1], Mimer [2] and others are popping up too.
it took Google about 15 years of pouring money into Google Docs to be almost as good as the MS offering
I know, and I'm not saying that EU will do any different, but this is not necessarily an absolute gold-standard benchmark, things in principle can be done much faster if you are smaller, nimbler and more focused. The solution to EUs problems is less paperwork and meetings, and more smaller bespoke companies that are laser focused on solving a specific sub-problem. Can they do it? Probably not if they try to create their Google or Microsoft.