Mirth I'm not disagreeing with you. I get more than the average Euro programmer doing project work down here in Australia (but a lot less than my equivalent at Meta). Salaries aren't great in Europe.
However, last I checked it seemed I could still pretty easily go contract on app development in Berlin for a good hourly rate, roughly the same as I am getting here. It's not FAANG money, but it's fine and nothing to complain about. There has also been FAANG money in Europe (though I gather anecdotally that places like Google Zürich are cutting back hard).
Most of the United States tech investment and first mover advantage, the stuff that leads to unicorn valuations, locks in due to personal connections and geography.
You can't replicate that phenomenon unless you're circulating socially with the people who own the companies and infrastructure. That is who Sam Altman is, for example. China would have more idea about that than Europe at the moment.
Coincidentally I just read this article about a couple of rising European search companies:
https://www.cnbc.com/2024/11/12/ecosia-qwant-partner-on-search-engine-tech-to-counter-googles-power.html
The rhetoric akin to that of energy security is interesting and probably something we'll see more of if Trump keeps making hostile gestures to NATO.