https://stratechery.com/2024/the-e-u-goes-too-far/
In short, the E.U. either has or is about to cross a critical line in terms of overplaying its hand: yes, most of tech may have been annoyed by their regulations, but the economic value of having one code base for the entire world meant that everyone put up with it (including users outside of the E.U.); once that code base splits, though — as it recently did for Apple — the calculations of whether or not to even serve E.U. users becomes that much closer; dramatically increasing potential fines far beyond what the region is worth only exacerbates the issue.
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