Define "wants to do business in the EU". If a US-based and targeted site gets one single visitor from the EU, are they now "doing business" there? Your reply is eactly the sort of vague handwaving about.
Generally, no. It's more about (for example) selling ads to EU companies. The narrative is about EU users but the leverage is via the EU advertisement business.
I've asked essentially this same question several times of those people and never gotten more than vague handwaving in response.