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> the only reason the Europeans do is because they're not the ones running the services so the power balance is different.

My experience as an American having lived in Europe now for over 7 years is that Europeans (in general, particularly in the Nordic region) have a profoundly different relationship to their governments than US citizens do to ours. The will to protect individual users' data and privacy as expressed in the GDPR for instance is a sincere expression of European values, and would be as in effect if "the power balance" were tilted towards European companies. I know European companies who avoid Google services and all American companies to hold important data, as but one example