Meaning the US based companies would bear _some_ of the burden of making it easier to ditch them, and switch to "sovereign" solutions.
The rest of the world would have a vested interest in letting this happen, since it would also reduce _their_ dependence on the US.
The question then becomes "what happens first":
1 - European commission pressuring the Irish government to send its police to seize AWS servers in Dublin (when fines are not enough any more)
2 - US administration pressuring the tech companies to shut down service in Europe (when threats are not enough any more)