I'd rather have a democratically elected government in control than an unelected company that actively uses its power to censor things it doesnt like. [0]
Except that parts of the union are not democratic at all.
And in this specific case I kinda of agree with what they banned. And they are definitely not the only ones. Lots of financial institutions block these kind of things.
The EU has less democratic accountability than I would like, but it is there. National governments have been brought down over their poor choices at the EU level. Even if you think Visa/MC made the right decisions in these cases, the fact that they're being made by private companies accountable to no-one should worry you.
And in this specific case I kinda of agree with what they banned. And they are definitely not the only ones. Lots of financial institutions block these kind of things.