Yeah, but why don't we ever hear any MEPs talk about it like that?

They buy ads too. It’d adversely affect their campaign budgets. (Sure, it would adversely affect their competitors’ too, but second-order effects are usually too complex for politicians to understand.)

MEPs want to write rules that mean they get to fine rich US companies. Local advertising might be worse for you overall but you'd have to do more work to get less free money.