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Unless we start thinking a lot more about how we choose products and vendors, we are just going to build our own European tech giants and the tech broligarchy will follow anyway.
We need to kill the mindset of "I can only use this particular product" whether it is O365, Coca Cola, Tesla or European equivalents. There is always another product and where you put your money has as real consequences as a democratic election.
The reason there isn't always another product is because the industry is full of anticompetitive practices like proprietary file formats and collaboration (read: cloud) features. Ironically MS Office is one of the less anticompetitive ones. Stuff like CAD software is full of this nonsense.
And the anti-competitive practices won't stop unless we persistently step on corporations' necks. Capitalism incentivizes these behaviours.