Plus there's no reason to assume a EU company doesn't spy on you. Europe has secret services too.
The EU wants to regulate the tech sector more, treating companies that provide critical infrastructure as utility companies. Given that internet has become as important in many companies (and even households) as electricity and water, something's to be said for that.
IMO it would for example be better if lock-in was reduced through requiring that large tech companies adhere to standards. Choice is good, and it would be awful if you couldn't move e-mail from Google Mail to another service because Google removed IMAP support (which is a future possibility).
Just looking out for my best interests and giving me choice by restricting what products companies can offer.