My understanding is that this isn't about "privacy" in the "evil corporation selling my data" sense, but specifically about US-based companies' obligation compl

My understanding is that this isn't about "privacy" in the "evil corporation selling my data" sense, but specifically about US-based companies' obligation comply with search warrants for data that they have access to. An "insanely good privacy law" isn't going to fix it. The thing that set it off was "a 2013 drug trafficking investigation, during which the FBI issued an [Stored Communications Act] warrant for emails that a U.S. citizen had stored on one of Microsoft's remote servers in Ireland, which Microsoft refused to provide." The US promptly changed the law to require US companies comply with search warrants, regardless of where the data is located. European Data Regulators have a big problem with this.