That's incredibly shortsighted.
These companies are only concerned with hyper growth and pleasing their investors, and have zero regards about the user, their privacy, and the harms their products unleash on the public. The benefits they offer to the user are tangential to their goals. This has been the MO of every tech corporation in the past 2 decades, and by all means has grown out of control. The oncoming AI disruption will exacerbate this even further.
The tech industry needs much more regulation, not less. If anything, the EU is being conservative in the scope and lagging behind on the timing of these laws.