Totally, but IMHO it's better to use those open source building blocks on top of an european provider (or your own infra) instead of getting locked in into any domestic (or foreign) service. Why pay AWS for Cognito and get locked in there, when you can run Keycloak on top of K8s on any provider.
We can definitely reinvent the wheel, perhaps even making better products, but for the time being these open source tools are good enough, again, IMHO
The issue is you also need a fairly deep understanding of your OSS stack to take full advantage - and this is where the issue arises.
OSS is not plug-and-play (nor should it be), and the ecosystem of talent for technologies like eBPF, OTel, or Operator Frameworks doesn't exist because the primary forcing function to generate that kind of an ecosystem (5G rollouts) has lagged for over a decade in much of Europe.
Remember that Tim Cook quote about not being able to fill a room of American die cast engineers? It's the same thing in Europe and America for a lot of core technologies in cybersecurity, systems programming, and devops.
If you cannot incubate your own OSS offerings or play a major role in contributing to these projects, then you will always remain a laggard. Almost every incubated CNCF, eBPF, or Linux Foundation project has some sort of corporate backing behind it, and it's almost inevitably some company or team in America, China, Israel, or India that monetizing the offering and remains the primary contributor.
OSS is extremely political, just like creating a company, and open-core players always end up muscling or out-competing passion projects alone. And for those that they can't, they end up sponsoring those or hiring those developers and thus subsume it.
Countries like China and India have actual bureaucrats with EECS backgrounds at ministries who have worked for a decade building public-private strategies around building a Kubernetes, RISC-V, or eBPF strategy, and in the US and Israel, it's highly capitalized private sector players taking advantage of that.
We can definitely reinvent the wheel, perhaps even making better products, but for the time being these open source tools are good enough, again, IMHO