I've been in meetings where this was discussed.

"It's just a checkbox in cloudflare to not show up there" is so effortless that you need a compelling reason to ignore how easy it is.

And if you don't already have traffic analysis showing that 30% of your readers and thus 30% of your ad revenue is coming from the European continent... You spend the 45 seconds it takes to find the check box and you click. Then worrying about maybe possibly getting screwed by some far away legal something or other is irrelevant.