As a bit of a tangent, we recently learned that we couldn't provide service to people living in Crimea, because google cloud block them, because google cloud is beholden to US regulators.
Now, the EU doesn't have any sanctions on Crimea itself (because that would legitimise the annexation), but they have sanctions against Russia instead.
So, we're defacto instituting the will of the US by choosing a US operator- and I think this is true of basically everything we use today. I can't think of a single tech company outside of Spotify that is not owned by the US which is popular in Europe.
Not only do we not "own our data" our digital economy is entirely dependent on the US not being malicious.