There's a non-zero probability of some type of conflict between the US and/or some EU members vs China within the lifetime of Huawei telecom equipment. All they need is a way to activate a capability or force a firmware update - easy for anything that operates wirelessly like 5G base station equipment!
It doesn't have to be a direct conflict, in fact it almost certainly would not be, but rather some type of proxy war like Afghanistan (when the Russians invaded and we supported Bin Laden's resistance)
Does Cisco/Qualcomm gear have holes the NSA knows about or even put there? Almost certainly, but even in the Trump era the chances of a conflict between the US and any EU members during the lifetime of Cisco equipment is pretty small. Could the US use it to spy on them? Sure, but if you accept that you are going to be spied upon and have someone with a big red button they can press to cause havoc in your country would you rather that someone be an ally or an enemy?