I think you are just decribing one factor that caused the problem. There is many a detailed analysis, the most respected being the one by Draghi.

Previously this also wasn't much of a problem. The US tech companies were international companies and less "US" companies. Now they aligned themselves with the US regime and are e.g. a supply chain vulnerability and properly taxing them causes issues in national defence (via Ukraine). I for one did not anticipate this own-goal w.r.t. Europe by the US.