I'd look at it in another way, hyperscalers exist due to code contributed from all around the world, often in the form of open source, Europe going closed and competing against the rest of the world (literally) isn't going to be a path forward.

Clients of mine are on hyperscalers due to the ease of deployment,etc but they are focused on lock-in, if ease could be attained in combination with portability then an ecosystem could exist where mid-scaler providers (that exists in abundance in Europe) could have a better chance against the behemoths.