So far they haven't solved something that resolves the problem of having US ownership as far as I can tell.
The issue isn't where the servers are. The issue is what parties can compell them to hand over information. As far as I've read on it at least. And if there is US ownership you have US courts that can demand information they aren't legally allowed to hand over according to EU law.
Big tech companies don't park servers in the EU. Is it THAT difficult? Of course it is not, and they just don't want to do it.
On the other hand, big tech companies are happy to park their IP in Ireland (a EU country) in a phony company, simply to avoid paying taxes.
What's the logic?