Either that or American companies have still not learned what does not fly with the EU and repeat the same mistakes over and over again to the point that we need laws to prevent or fix the problems that they create.

Google, Netflix, Microsoft create so many 'problems' that EU citizens feel compelled to use these products every day and send those companies tons of money?

There are some fairly minor externalities in some of those companies products that we could look at regulating but by and large, it's not existentially problematic.

The 'scary' parts of AI probably haven't come to pass just yet, and I think it might have more to do with privacy than 'biased algorithms'.

Alongside this legislation, the EU should also be trying to figure out why it's using all of those American products instead of having champions of it's own because that's probably a bigger issue in the end.

Hehe, I see what you did there. At least I think this is alluding to Einstein allegedly saying that „insanity is doing the same thing over and over again while expecting different outcomes“.

It's because EU regulations are largely teethless. If disregard for GDPR lead to closure of Facebook, that would be a different ballgame. Now it is just additional cost of doing business to appease the EU bureaucrats and make sure any issue grinds to a halt in unsustainable EU bureaucratic machinery.

Well, American tech companies are not the only ones using AI/ML for morally questionable activities. Think for example about China's social crediting system. At least it is good that people are thinking about the effects that AI/ML can have on (the freedom) of peoples lives.

EU has universal healthcare therefore prevention makes $$$ sense.

Perhaps that's because American tech loves to stick it to the rest of the world? Just speculating.