It's because the rest of the world has realised how deeply tied Western and Chinese BigTech are deeply tied to US and Chinese intelligence agencies, respectively (surveillance capitalism). The active lobbying made by the US government against data privacy laws (especially to store data locally and not share it with foreign entities) is just one example of a red flag that has lead to this.

(I fully support this move - there is absolutely no way any foreign government should have control and influence over your - communication platform and your media platforms.)