As usual, I know it's trendy to say on HN the EU is killing innovation with all the regulations, and there is truth to that, but there is also great customer protection, which seems constantly violated in the US.
So yes, in the US, companies can flourish, but it seems the consumers are second-class citizens compared to companies.
That's why it's nice to have both: eventually, EU regulations leak out to the rest of the world, and the US innovations reach us.
We pay the price by having a weaker economy, they pay the price by having less dignity in their life, but there is eventually balance.