It seems to me theres some kind of balance between ignoring crimes that aren't committed inside your borders, and prosecuting crimes regardless of where they are committed. It seems to be a generally good thing to punish a company for employing slaves on their African plantation. Less good to be suing a European bar for selling to 'underage' 18 year olds.
If you start prosecuting everything and trampling over the laws of other nations, aren't they then going to start trampling back. Internet companies are largely US companies, how are they going to be able to function if they have to follow mutually exclusive laws. Eg if promotion of homosexuality is illegal in X, and free speech is protected in Y and both nations enforce their laws globally, what do you do?