> My take is that when Italian customers notice their ping going up by 10x because all their traffic is now routed through France, they will switch to BunnyCDN, Fastly or any of the dozens of CDNs that do have servers in Italy.

While that is true, the datacenters hosting those servers are going to lose a massive amount of monthly income by not having those servers colocated anymore.

And just out of curiosity, how many small/medium websites would have the in house know-how to switch to a different CDN? Cloudflare fronts your site, giving you an 'automatic' CDN, where most others require changes to your site to work with.