I think this is true. Billionaires and their corporations are obviously morally bankrupt and have been manipulating all of us for long years. But at the same time, it seems to me that there is also some 'consent' on our part. There's a lot of people who will still choose to be oppressed, even after having everything explained to them and seemingly having understood.
Perhaps thay's how deep all the decades of social engineering go. Or maybe we just really like convenience, to the point where we're willing to become slaves if it means our lives are convenient.
Ban American big tech? Okay, makes sense.
Create a European Silicon Valley? I don't know about this one.
The reason China and the US are global leaders in technology is because of their complete disregard for human rights and the environment. Creating a "European Silicon Valley" would simply bring us down to their level, or at least closer. Mimicking America has never worked well for Europe. We need our own European systems born from our own European ideas.