Re: What's the point of this?
There's a thin argument in favour of a second GNSS system for the world. GLONASS is becoming moribund. GPS is excellent and becoming more so. Galileo is a decent backup.
Though I think the budgetary justification used by the EU was something about counting sheep more accurately...
The argument is thin because it seems highly unlikely that the USA would ever deprive the rest of the world access to the civil GPS service, and any space event that affects GPS satellites would likely wipe out Galileo too.
The only really hard reason to build your own GNSS system is if you want to conduct some overseas military operations using precision munitions and you don't want the USA stopping you from doing so. Given that the EU members seem hell bent on having pathetic military capabilities, apart from France perhaps, one wonders why the EU is bothering with Galileo at all apart from the bragging rights.