Europe isn't a dystopia because it could import American innovation. There's a reason Germany car manufacturers were never going to electrify by themselves.
It's just a very obvious point, evidenced by where most companies end up being created. Europe's main innovation failure is a failure to recognise the value in taking a risk, and instead to reward people who don't from the people who do. But that still makes it a good place to do bread and better work - old school fabrication of cheap, old-process chips is a good example.