The FCC regulates satellites launched from or communicating with the US, including stuff which extends beyond spectrum licensing like mandatory 5 year deorbiting capability for newly launched LEO satellites. Europe, China and India are not regulation-free utopias either.
You've actually got more option to jurisdiction-shop with underwater data, but I'm not convinced that's the major issue with building datacentres anyway.
Ultimately there are latency and minimise data-transfer arguments for doing certain types of data processing on local machines in space, but the generalised compute and model-training argument only works if the unit economics stack up as sufficiently good to cover the risk and R&D, and they're not obviously favourable compared with cold place on earth with clear skies and access to cold water even assuming launch costs become minimal. (It's slightly amusing to see how much some advocates of that other controversial futurist vision of spaced-based solar power - whose chances of success equally depend on low launch costs - viscerally hate the latest wave of datacentres-in-space hype...)