I somewhat suspect those companies hiding behind the 'oh lets just block Europe' excuse just don't want to admit the extent of what they are doing with the data

I somewhat suspect those companies hiding behind the 'oh lets just block Europe' excuse just don't want to admit the extent of what they are doing with the data. If the cops showed up at your door asking to search your home, business, and Internet accounts without a warrant, would you let them? Why not? What are you hiding?