If a multinational utility operates power grids in both the EU and the US, and a European company chooses to import power from the US grid, I don't know why EU would penalize the utility when the US grid has an outage. They really should be penalizing their European entities for failing to architect a local redundancy.

If EU's going to use this as an excuse to designate them as gatekeepers, maybe they should just block EU accounts from provisioning resources outside of Europe. These providers are taking all the blame for architectural decisions made entirely by their customers.

I think you just made some strong arguments for classifying them as gatekeepers. The idea, like you said, is to make it so that competitors can enter the market and pick up the slack in areas where AWS and Azure are dropping the ball.