Interesting scenarios that could happen in next few years

* American internet companies start to make the judgement that supporting EU/ANZ countries with difficult legal/tax requirements is a net cost and stop doing it, just IP-blocking those countries for the lowest legal risk

* Alternatively, American govt takes the position of "American companies don't have to follow the laws of random countries just because they accept IP packets from those countries". American companies eliminate their official business presence in onerous legal regimes but keep serving users there

* If above happens, this forces the resolution of the question "how does internet jurisdiction work across borders if USA doesn't play along", and a plausible answer is that internet messages start to be treated like physical imports and nation-level internet censorship moves under the purview of customs agencies

The globally routable internet is a very special and valuable thing, but it's a historical aberration and I suspect not very stable long-term. Even today, with the internet way more locked down than 20 years ago, it's still extremely libertarian compared to almost any other economically significant venue. In equilibrium, the state will demand its cut