I think US regulation is a huge part of what you're talking about though. In the US it is a literally pain to do anything new. I work at a chemical plant, and it took years (I'm not exaggerating, it was something like 2-3 years) to get all the permits to build a new unit. Because of how slow the city is.

So when you talk about how Asian companies were quicker to jump on new things, that's exactly what I think of. I haven't worked in Asia, but I imagine their government is not holding them back with red tape even a tenth as much.