But how can there isn't a WeChat competitor, that actually does all the things WeChat is capable of in US/EU?
Regarding WeChat as if it is another chat application only means you have never been a regular user of it, which is probably true to most HN folks.
WeChat actually has its own embedded WebView within it and JS execution engine also. It also has the whole Paypal counterpart ships with it. The whole WeChat ecosystem is probably on par with the whole Facebook, probably more complex than Chrome I would say.
For many reasons, but I think a major one is because neither EU nor US (both people and governments) would be cool with all aspects of one's life being functional ONLY by using this one app. Imagine if a WeChat competitor came out in EU/US, and now you cannot use transit without this app at all, or buy things, or get a taxi, etc.
This is extremely anti-competitive and goes even beyond the usual monopoly definition. Major politicians these days run for president on the promise to break down Amazon, Google, etc. And neither of those come even close to the monopolistic reach on the scale that WeChat operates on.
The reason is not that important however.
The Chinese market is unique, Western economy can't create something like WeChat doesn't mean that its existence is something abnormal.
Chinese companies create something more to the liking of Chinese consumers should get anyone surprised. When it comes to internet, and no one is enjoying natural advantage.
Why doesn't WeChat get more competitors in just a specific area, like chat, which is a lot simpler, so a company could potentially do it better than WeChat?
WeChat doesn't get that kind of competition in China at all, and it really looks like its because of the government.
Maybe most people only see the outside of china version of wechat, which is primarily just chat. Inside china that's not the case.
Why do you think there a many competitors outside China but none in?