Hurray ... except no, this is just about the only way it could go that is worse than American Tech empires.

All of the discussed alternatives (stackit, scaleway, aldi) are owned by European billionnaires.

Stackit is owned by Dieter Schwarz (who inherited everything he has ever owned)

Aldi cloud is owned by Beate Heister and Karl Albrecht (both children of the real founders, Karl and Theo Albrecht. Together they are probably the richest Germans)

Scaleway is owned by Xavier Niel (free.fr, who was born high middle class and at least can be said to have built out his empire)

The only owner here that is even remotely interested in the business is Xavier Niel. To add insult to injury, all 3 are known for being extremely cheap when it comes to wages (Xavier Niel less so than the others, but it's not great)