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.
A company can bar the exits, letting you burn to death [0]. A company can send private militias to force you to work [1] (or because you were sent the wrong set of MtG cards [2]). A company can improperly store pesticide, until the resulting explosion kills thousands [3]. A company can own every house and store in a town, managing your expenses to ensure you can't leave [4]. A company can bribe judges to provide them with child labor [5].
Some of these were illegal at the time they were done. Some of these were made illegal as a result of these events. All of them are within the nature of companies, optimizing in pursuit of profit regardless of the human cost. That nature is useful for improving lives, but must be carefully controlled to prevent it from trampling us all.
[0] https://en.wikipedia.org/wiki/Triangle_Shirtwaist_Factory_fi...
[1] https://en.wikipedia.org/wiki/Pinkerton_(detective_agency)
[2] https://gizmodo.com/magic-the-gathering-leaks-wizards-wotc-p...
[3] https://en.wikipedia.org/wiki/Bhopal_disaster
Now, for a productive conversation, I'd recommend you putting effort in as well, instead of just sea lioning [6].
[0] https://en.wikipedia.org/wiki/2020_Beirut_explosion
[1] https://en.wikipedia.org/wiki/Cambridge_Analytica#Privacy_is...
[2] https://arstechnica.com/tech-policy/2022/10/company-that-mak...
[3] https://www.pbs.org/newshour/health/analysis-health-insuranc...
[4] https://arstechnica.com/health/2023/07/not-again-bone-grafts...
[5] https://arstechnica.com/science/2022/08/poopy-lettuce-at-wen...
Nobody is gonna argue that companies are going to require zero regulation. There will be instances of companies trying to bullshit their way to get more profit, and for this reason the regulations exist, but these all isolated cases.
The point is that widespread advertising legislation on every single company by non technical people in the government under a false pretense of increasing privacy is not really a good thing. Governments should be there to step in when companies get out of line, but in that case, the task is clear. Introducing legislation that later on can be used to push more nefarious agendas are not.
After all, both governments and companies are ran by people.