The worst thing a company can do is try to sell you more soap. The government on the other hand can literally ruin your life (or even end it in some countries).
The EU is doing a fantastic job of keeping everyone distracted by pointing the finger at the "evil American tech companies" while simultaneously doing the opposite when it comes to privacy from government...which is the real threat.
I could point to many instances of this but the easiest one is the EU commission currently pushing a ban on encryption.
More importantly though, the real underlying enemy here has always been citizen apathy, ignorance and distraction about digital privacy (and more general about individual agency in the digital era).
Unfortunately in modern times active citizenship has degenerated into polarization and false dichotomies. Unless people are hit in the head with clear and present dangers they stand dazed and confused.
This behavior has been actively encouraged by governments worldwide for decades. E.g. they are all still actively promoting citizenry engagement in these platforms.
If a certain coalition of countries (for whatever reason) raises warnings about practices in the private sector this can only result in a more informed debate. A debate that has been largely absent so far.
BTW:
> The worst thing a company can do is try to sell you more soap.
I don't know what companies exist in your world but in the real world a company can deny you entry to public transport, medical care, access to the financial system (banking and insurance) and salaried employment to name but a few "non-soap" issues.