I think we (in the EU) will soon realise the bizarre consequences of these regulations. European startups will not be able to use standard SaaS or PaaS tools (like AWS, Azure, Mailchimp, PayPal etc) if they are based in the US (like most of them are). No cloud services, no Office 365 or Google Workspace. It will take forever to build up a similar ecosystem in Europe and I think most successful European entrepreneurs…
The EU combined is the largest economic region in the world. With backdrop the other huge one China where doing business has become increasingly difficult and volatile.
Tech giants cannot afford to pull out of the EU. Call their bluff, they won't. They can't even if they wanted to, as shareholders will skin them alive.