The EU is an institution that is democratically legitimized at every level (Either through direct elections in the parliament or through elections to the appropriate national government in the case of the Council / Commission). Sure, it's not perfect and sometimes the Conservatives do some messed up lawfare to introduce fucked up things like Chat Control, but at least they were voted in and can be voted out again.

Big Tech is some foreign rich dudes being dictators of their little fiefdom doing whatever they can to make themselves even richer. We have zero control over them and what they do to our society in this pursuit. No elections. No recalls. No public votes.

The only correct reaction is for the sovereign to assert its sovereignty and lay out some ground rules.