Europeans still don’t have enough population, money, or influence to change the status quo.
English is the issue. There are only about 80M people who speak English as a first language in Europe, out of 0.8 billion or so. Yeah, plenty of people who are relatively fluent in English participate in English social media, but many also spend a lot of time in social media in their own language, something English-speakers never see.
The Fediverse has a pretty big German-speaking population, but not as much French, Italian, Spanish, etc. I don’t know where they are – probably Facebook / Instagram.