

I had a Swedish (I’m not swedish, but my first EU style license was issued there) license in NYC and had it renewed through the consulate with laughable little hassle. When I moved to UK (pre-Brexit), again, the swap was smooth. I religiously believe that when I move back to EU, I’ll be able to get an EU license back (unless I hit an age trigger). I actually think the current EU license is awesome. I don’t dispute the underlying criteria for issuing could be improved, but post-issue, it’s pretty great today.
EU isn’t equivalent to the states (yet). It’s a loose’ish unions of nations. Passports are nation-issued, as are most professional credentials, but everything is recognised intra-union. In US (and Australia), passports are issued centrally, states are more like a local subdivision, irrelevant abroad.
US driving licenses are admittedly state issued. I suspect it’s more about violation points than anything else. And there’s a drive towards a federal format there as well.
(Sorry if I’m simplifying here.)