I agree that it might not be enough, but at the moment there also aren't good EU competitors in the cloud space. Good not in the technical sense, but good as in - people would be comfortable putting their eggs in the basket.

Plus, hiring for AWS / Azure / GCP experience is still much higher than for the smaller EU clouds.

Hetzner is pretty well established and has a good reputation - but they don't offer the same high level services as Amazon.

This isn't about reputation or high level services. Ultimately this is about certification and there are precious few alternatives with sufficient capacity that are certified and not somehow indirectly or directly owned by US entities. And there is a run on the ones that are.