Hot take: the problems here are cultural. Consider these data points: 1. The US is a country of migrants (ignoring the blight of slavery for now), whether those be those seeking a better life from Europe originally, later China and later still Central and South America. These are all people who uprooted whatever lives they had and legally or illegally migrated to the US. IMHO you still see echoes of this "pioneering"…
The US as a country was founded on very high risk. It makes sense that this remains in the culture today.
I don't think that European policies (vacation, universal health care, etc) are the cause of Europe being more risk averse. I think it's the other way around. We have those policies because we have a more risk averse culture compared to the US.
This isn't a bad thing per se. The problem is that we live in an age where technological innovation is fueling the global economy, and there is no innovation without risk.