What bugs me more about the EU "tech" sector is the reliance on public and EU sector money. Making "something people want" will still make you less money, you won't be able to scale it up properly, and pretty much anything risky is illegal.

On the other hand, completely mediocre companies can survive and even thrive by applying for every kind of EU subsidy and getting money from overpriced bureaucratic contracts that they overpromised and underdelivered.

Every EU endeavour, be it GDPR, research grants, or this one aims to primarily increase bureaucracy so more do-nothing jobs can be created.