Earlier quoted context omitted.
It seems like there's a big opportunity for someone to hire a bunch of disenfranchised US devs that want to flee the country to build an EU-native cloud platform - but clearly there's enough talent on the continent already, so why hasn't this happened yet?
Because it’s not a dev problem, it’s a sales problem.
(1) Europe has a fragmented market; linguistically, product wise (2) Silicon Valley is in the United States (3) The United States has a very large amount of capital to throw at companies (4) even if you managed to succeed in the EU your shares will most likely be bought out from under you if you raised capital (5) all of the above re-inforce each other over time
Once you have that kind of an advantage it is very hard to lose it.