https://eurosky.tech/about/ has more details, but the goal appears to be to try to foster a thriving European social web.

I think it is part of the growing digital sovereignty trend (the country based one, not the self-sovereign identity one)

I agree the homepage is a weak sell, but an independent operator in Europe IS value. If it doesn’t really make a difference otherwise, why not choose a home server that is governed by and supports your home region of Europe? (obviously there are other things that would make a difference, but you gotta start somewhere)