"The rest of the world needs similar restrictions on American tech and social media..."

Yes, it does but don't kid yourself, all of Big Tech will cooperate with governments for mutual benefit. Big Tech collects data that governments would otherwise have difficulty collecting, if Big Tech is refrained from collecting data because of regulation and privacy laws then both lose out.

We should never expect governments to maintain our privacy or protect us from Big Tech leaching our data. In short, we're fighting different enemies on two fronts and that's a difficult and invidious position to be in.