"they may pull these levers with impunity"
That *possibility* is why the EU feel entitled to regulate.
The near total failure of the complaining competitors to convince anyone (but each other) that it's actually happening is why the neither the EU or Google are in any apparent hurry to settle.
The ongoing reality is, even completely neutral and fair search ranking inherently facilitates and accelerates competition and that's extremely bad news for poor products. And that's half the problem, producers of bad product are being hurt by their own poor quality more than ever before, unable to find enough clueless buyers because search is giving too many clues.
While I ordinarily wouldn't care how much bad products get fscked, I have some sympathy with a view that page1 results are so powerful even if they were perfectly ranked that would still not be good for overall market(s). The other problem is the whiners are so used to using SEO to abuse search engines, they haven't even been asking for a neutral, accurate search engine. Instead they want to carry on as usual, buying visibility, they just don't want Google doing it.
It's a mess but not one I see the complainants coming out ahead from because none of the solutions give them what they want, an even more broken system that happens to favour their interests.