The European economy is still largely the same as pre-WW2, heavy machineries, cars, chemicals and these are becoming less relevant with Chinese competition. However, the move to tech never materialized like in the US, so no surprise when soccer becomes more important than anything else, it's the only long term viable export in bleak places like Spain
Also european countries are deeply competitive in areas like industrial automation, aerospace, pharmaceuticals, semiconductors, telecommunications infrastructure, renewable energy systems, scientific instrumentation, petrochemicals etc.
Tourism is strong because the immense cultural heritage.
I promise you that if you go canvas a random selection of North Americans you would be astonished at how many do not recognize "Barcelona" as anything but a city. Football is really not very popular there. Though in recent years it is slowly becoming a bit more watched.
GP: all trucks are red. Me: no, here's some trucks that are blue. You: but look how many red trucks I see over there.
Countries that are economically conscious of a future time where they will be left producing nothing (oil replacement) are seeing the european model as inspiration
Your examples such as telecom and banking are supposed to support and grow out of a real economy, not replace it
We do have more sustainable efforts. Not as big but better.