No one is saying that the industry will self-regulate. There is a right amount of regulation and all evidence points that the EU is over that limit. The US is below (probably) but closer.
So now Europe is a continent full of people using American made software, running on American and Chinese made hardware, going on American social media to talk about how Europe is totally fine because they only work 9 months out of the year and don't allow young people to become billionaires.