The Hetzner price increase was brutal, but the reality is: Hetzner VPS prices are still a fraction of comparable AWS EC2 instances.

>many European companies aren't as competitive as their US counterpart.

I don't think any serious Enterprise account would go with Hetzner today, the service range and depth is simply not comparable to the 3 big clouds. Saving $20 on a VPS is not going to be a deciding factor for Enterprise accounts, they want mature, manage services.

The few EU clouds that do have a comparable range of managed services also have AWS-like pricing: https://eualternative.eu/eu-cloud-comparison/