ARM is owned by SoftBank, and you need to deal with them for licensing. While SoftBank is not based in the US, the amount they have invested in the US and US based companies means they are very coupled with US. Investing in ARM technology would have a stronger coupling than investing in RISC V.

This wouldn’t be true if Europe was more willing to abandon international copyright laws, but given the amount of IP they own they are unlikely to.

Arm is not a trustworthy partner.

Otherwise they would be more than happy to renegotiate chip licences if they feel that companies have overstepped.

Instead they publicly litigate and demand destruction of all designs.