If mere IP addresses are PII, I do not see how me looking at my GCP logs is any different (i.e. not allowed), and by extension how any US cloud provider can operate in Europe within these rules?
A view that was (is?) at least partially shared by Microsoft [1]. MS created a (now closed) dedicated Azure data center in Germany where they got into trouble with the US government because MS didn't comply with a three letter agency request to obtain data from there.
1: https://en.wikipedia.org/wiki/Microsoft_Corp._v._United_Stat...
The same reasoning cannot be applied to analytics as there are no technical or legal requirement to have them and they are rather an optional addon. Moreover, there is also a restriction how long you are allowed to retain logs that have PII in them. You must not store them any longer than required (or anonymize them). I think 7 days is a commonly used limit for this.
https://wideangle.co/blog/scc-definiteve-guide#case-study-st...
The US has failed to enforce its own laws about monopolies for decades.
Europe has failed to innovate for decades and that’s why it’s perpetually backed into a corner.