Couldn't agree more, I think Hetzner is probably Europe's best bet on a hyperscaler. One of the more telling indicators IMO is their growing market share outside of the EU/DACH.

To add on to the comments about Hetzner building their own custom hardware, they also custom built their own software stack. They rejected the hype that was OpenStack and worked diligently on their own hypervisor platform (that they are incredibly secretive about) and that appears to be paying off in spades for them. Most sovereign cloud plays end up being suffocated by the complexity, and incoherence, of the OpenStack ecosystem. It just becomes impossible to ship.

For a fascinatingly different take on how to build a datacenter: https://www.youtube.com/watch?v=5eo8nz_niiM

* Edit: remove speculation about Kubernetes and Hetzner, that was based on hazy memory.