For the last decade or so Europe has managed to kill its tech industry by coming up with regulations only corporations with deep pockets can afford to satisfy.

This seems to be changing, so hopefully that works out.

That's a very partial view of the story. Over-regulation does not help but it is very far from the only element:

- Funding for startup in Europe is spare. There is nothing similar to the USA's VC culture here.

- Market is naturally more fragmented due to language barrier.

- Talent pool is spreader over multiple countries. We do not have any equivalent to the valley here.

- There was (up to now) 0 protectionism that would give a competitive advantage on EU soil to a EU company in front of an American giant.

You are describing the effects, rather than causes in my opinion.