While I like the regulations on who can collect and share your data and preventing all these backdoors to the US Gov I also think these regulations make it impossible for small companies to compete with Meta, Google, etc. You can't hire enough legal and compliance experts to get it 100% right not to mention all the extra code you need to write. Maybe that's OK but my cynical side says Google and Meta lawyers write and practically hand these regs to the legislators with that in mind.
I agree, EU fuels the Corporations and blocks small companies from getting any traction, by increasing the compliance levels, without thinking stuff through.
I dont want to say, that fighting for privacy rights is a bad thing, but as small time entepreneur, they seems to be on same side.
Not to mention if you can't move customer data out of a governance region that means you need a separate data center. Which is prohibitively expensive for a small business, but something a big corporation like Meta or Google would probably do anyway.