If the regulatory burden prevents local businesses from getting off the ground because only foreign businesses have the deep pockets to comply ("The net effect of this burden of regulation is that only larger companies – which are often non-EU based – have the financial capacity and incentive to bear the costs of complying."), then in some sense these regulations work against the goal of issues being addressed at a local level.
He says, on an American website, that he accessed through a browser made by an American company, that's running on an operating system made by an American company (or maybe Linux! Although even Torvalds moved to the US), running on a device... Well, it gets complicated. All the relevant options and combinations are non-European though.
ASML is like the only relevance of Europe here and they got started because of the US.
Why is there no European Intel, AMD, Nvidia, Google, Apple, Samsung, Amazon, Tencent, Sony etc? All the stuff is foreign, which means that we're constantly following foreign rules based on their culture. And slowly they have more become our rules and culture, because there were no real European alternatives.
Philips (mostly Signify and co, but the brand is still Philips), Airbus (top 1 airplane manufacturer), VW Group, Stellantis, reMarkable, a ton of neobanks/fintechs the US could only dream of (Revolut, Monzo, N26, Bunq, Adyen to name but a few), Doctolib, Backmarket, Spotify (top music streaming platform in the world), Dassault Systemes (top industrial CAD), Amadeus (top 2 airline booking software), Booking.com, Ericsson (top 2 5G equipment provider), SAP (top 2 ERP provider), STMicro, NXP, Infineon (top semiconductor manufacturers for everything not on the cutting edge of personal/server computing), Zeiss (top 1 optics manufacturer), etc etc etc etc
It's not that there are none, it's that the new ones (some of which are extremely good) haven't grown to super high valuations yet.
It is also curious to me that the US and China are seen as examples of what to aim for, rather than as cautionary tales of what can happen with an excessive focus on growth. It is not clear to me that the general happiness of people in the US or China exceeds that of people in Europe. On the contrary, it seems that those two countries are almost constantly dealing with some horrible externality of unbridled focus on stock prices, revenues, growth etc, to the detriment of the broader social good. Housing crises, homelessness, rampant privacy violations, the expansion of police states to maintain the boundary between haves and have-nots, debt crises, long working hours and bad conditions — these are all phenomena that seem more prevalent in countries with a higher focus on "competitiveness". What good does it do a middle-class worker to make twice the absolute salary when they are spending half of it correcting for the deficiencies of their society?