EU parliament has no actual power, EU is basically ran by EC and ECB.
As an institution, the EU parliament has real power. It's just that citizens are not particularly interested in what it does, and the media consequently does not report that much about it.
The core issue is that being a MEP looks like a career dead end to an invididual politician. While national MPs have less power, they enjoy more media attention. And if you are an MP for a major party, you have a real chance of becoming a minister. The same pathway does not work in the EU parliament, because commissioners are nominated by national governments rather than selected from MEPs.
The problem is in practice those big law and regulations end up benefiting the biggest actors with "Star Destroyers" type legal departments and lobbying.
I have witnessed it, 10 years ago GDPR pushed most European companies in one of the hyperscaler cloud. Exactly the opposite of what we were naively expecting. The EU Cyber resilience act is finishing up the job.
Funny how now just because Trump was elected, some European are waking up wondering why they are in this mess and welcome more EU regulation to get them out of there...
1. EU is the most aggressive when it comes to legislation far exceeding the US in terms of privacy law, competition law and setting strict minimums for labor conditions etc.
2. Being a candidate to run for Member of European Parliament is considered to be available only to the Member of National Parliaments with the most personal votes and/or most influential. It is definitely not a job given to the low-performers, particularly because only a few seats are available per country.