What makes you say that? It was explicitly created as an EU alternative to HN by a person from the Netherlands. They posted about it on HN a few days ago.

I haven't found anything public about where its hosted

Fly.io probably serves in on the edge, and so it always appears to be near the request origin.

I was probably not clear in my original comment. My point, in context of this thread, was that it is hosted in US-based company. So things like Cloud Act still apply.