What makes you think that European users do not want to pay for content they consume? Given that Europeans passed this law we apparently are.

You don't need to create a specific feature for European users if you don't want to, just as European users don't need to do business with you if you don't value their privacy. Economic exchanges are voluntary. If you think ignoring European customers is something that pays off for you, go for it.

Can you point me to any specific study which says that Europeans are more willing pay for content vs. rest of the world? I mean, if that were true, you would see a lot more paywalls in Europe vs. globally.

I don't know of any such study but I'm not sure why I need to given that this law quite clearly reveals the preference of European citizens?

If we would not care about privacy to a greater degree than other regions we would presumably not pass legislation that protects private information and cuts into ad-revenues.