Depends what you mean. The academic work seems largely... fine? Plenty of good work came out of Europe or European researchers. It seems the problem is more "trying to build a trillion-dollar company of any kind".
It's an interesting question: does the EU seek only to regulate successful modern American companies to death, or home grown ones too? Probably not a gamble worth taking.
I wonder if the incumbents in each country actively lobby against it. I suppose it's easier for massive corporations to deal with cross border issues. The onerous regulatory boundaries are a nice price of entry for them that keeps out upstarts.