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I agree that from the employees' standpoint more is better, but should there be a connection between expected length of notice and expected amount of severance? I believe in Europe the expected notice periods are significantly longer.

In France on a CDI (permanent contract) above a certain level the usual notice period is 3 months.

In Sweden it's 3 months, in the UK it's usually 1 month (although my last UK contract was 3months notice).

But it swings both ways in these countries; you can't terminate someone on the spot. The employer must fulfil the notice period too (or, at least pay you for it)

In many US companies, severance increases with years of service. In the case of my former employer, as the company's balance sheet got worse, successive downsizings provided fewer benefits. There were legal protections that slowed the rate of those decreases.

What size companies? Most large companies pay out severance based on tenure.