Don't gloss over the healthy number of Europeans who are (rightfully) concerned about the societal impact. I'm not arguing that there aren't a large number of wealthy and powerful interested parties doing much as you say, but they're aided by normal people interested in shaping a healthy society. It's the same problem in the US; we just don't have as large of a socialism bent.

Regardless, the effect is the same. With policies like "Right to be forgotten" and publicized attacks on the posterchild for innovation, "the next Google" certainly won't be European.