And? Why should they not use Cloudflare?

What do the EU investors do outside of demanding guaranteed profit with zero risk for them? How many are ready to absorb 10-30 years of new infrastructure investments and play the long game?

If the EU wants to compete, well, here's the global market, right that way. ==>

Get to it. Nobody is actually stopping you.

But if you have no appetite for risk, don't complain when one day you realize you don't have EU alternatives.