You have actually addressed the actual issue here but from wrong perspective.
Culture is the issue here. EU tries to live, USA tries to earn. If the only thing that interests you is money then yes, probably USA is the right direction. Of all the people that I know that went working outside of their country, they were mostly going to EU companies (or USA companies in Europe), sometimes to the Asia. None left for USA. On the other side I know a CTO that left USA for Europe and bought a small property in France where he lives with whole family.
This shows very well in environmental laws, gdpr, protection of workers, actually having friends, nature, having hill-climbing organizations that aren't only lobist groups to be actually allowed to climb the mountains, public transport, able to drink spring water in center of capital city, most people working 40h/week max, actually do use their vacations in one piece, free education, maternity leave measured in years not months (yes under a year too but not month or two),...
So it depends on the personal cultural preference. Some people just love the money and things they can buy with it, maybe even power that it brings and surely a lot of such people are also in EU. The difference is in the percentage of population although Hollywood did great job at exporting the view of world trough money glasses.
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Regarding the topic. EU was quite satisfied with buying processors from the States, it was also happy with using Windows, Android, Apple thing. The problem is, as in every other thing, USA corporations became vampires that wants to eat you alive from pure greed and systemic addiction to blood (endless growth).
It has become imperative to produce our own processors as you can no longer trust USA or China to not shovel inside some spying equipment. Well the times have changed and it is no longer an option to buy it from USA/China, so EU has moved forward and dont worry, we will have our own chips our own phones and operating system (linux, sailfish or something else...).
EU is an elephant and it needs a lot of coordination of muscles to move its legs but once it starts moving...
I am sorry, I would love to just use the USA/China products and not re-develop hardware (based on what we know now, maybe not dragging 40 years old anchor of previous development with me), not having a need for GDPR, but they have both just screwed everything up from pure greed. Now we need to fix it and a lot of time and resources will have to go that way. But we will eventually fix it.