Reading what little information they have there, they aren't a public facing or public serving organization. They seem to provide their services to institutions only:
"working with dozens of European libraries and government agencies to build web collections, Internet Archive Europe prioritized collaboration with cultural heritage organizations to safeguard our collective history."
"Prisoners obsessed with their chains, more at 11"
What I don't understand is after all why know about Whiteness and Eurocentrism that people would still willingly create and fund projects like this. The public might actually make sense, but B2B/B2G makes none beyond these orgs having the power to prevent others from doing it.
Internet Archive runs a completely separate version of their site for paying institutional clients. https://archive-it.org/
In a best case scenario, this eventually becomes the replacement for the (lets be honest) absurdly awful archive.org front and backend.
So: an expansion into the EU market. And yes, a honeypot for grant funds, because why not? Good for them.