Yes, it's mostly about purchasing power. Rent/property tax/insurance is expensive, but everything else is cheap and there's no VAT. Some states don't even have income taxes. We have insanely painful income inequality, but as shameful as it is, you can usually clear the hurdle prices with a 6-figure income.

I'm not an aristocrat and I oscillate between working hard and going off into nature for random periods of time, so I'd sure like to live somewhere with a stable safety net. But for now, the US seems cheaper even with its ridiculous baseline CoL expenses. I can buy vehicles on a whim and mess with them and bum around for years on 5-10hr/week gigs even after $Nk monthly expenses, which would be difficult in the EU. And if you can pay the exorbitant health insurance rates, the medical care is actually quite good.

I do feel bad sometimes, but it's not exactly easy to change your citizenship, and the whole political situation sure isn't my fault.

It's mostly an mentality / personality thing. To some the European way of "things" are a bit insulting, others like having the corall / safety net. I'm in your camp.