The EU can only fine US tech giants because it's good at suffocating its own European companies with some of its members states having one of the highest taxes and subject to the EU's regulations.
It's no wonder AI startups like Mistral (France) are so dependent on US VCs and the same is true with Lovable (Sweden) who were able to grow faster than Europe trying to strangle them.
Since there are rare startup home-runs that are from Europe, the EU instead needs find a way to impose fines on US big tech companies. They (EU) will certainly do the same with the Big AI companies very soon.
You're pretending like the fines target US companies. GDPR fines target malpractice and mishandling of data. The DMC seeks to break up artificial digital market monopolies. These apply to corporations operating in the EU, with no basis on where they operate from. Don't want to get punished for creating an uncompetitive monopoly? Don't create an uncompetitive monopoly.
Remember that the US literally sent members of the CIA to steal a french chip company and it's IP in the late 80's / early 90's.
Does that sound like fair competition?