It's a decent service in itself and a good alternative to many other traditional VM-based hosting companies, which Europe is absolutely full of. They are not really competing with the hyperscalers, nor even Digital Ocean in my opinion, but rather providers that likely sell pre-committed OpenStack clusters and such.
I don't believe they are fully clear of American-owned companies in their entire dependency chain, nor do I believe that it's possible to do that today. Companies like Equinix provide a damn good solution for homogenized infrastructure that is invaluable for cloud providers.