TL;DR: IMHO, at least regarding EU-sovereignty perspective, Mapilio does not seem like a good match so far. Nor does it seem like a good choice for people caring about open source or those who take care in avoiding potential vendor lock-ins.
If you care about any (or all!) of those issues, Panoramax is pretty much a perfect fit.
That seems somewhat off topic, but yeah: there are Mapilio, Mapillary, KartaView and other services run by for-profit companies on proprietary software who allow their imagery to be used with OSM (in some cases at least). (there also exist few other FOSS ones, like OpenTrailView and Wikimedia Commons, each with their own acceptable imagery, which might or might not include random street imagery).
For those interested, more complete list of services allowing upload and use of Street-level imagery (which can be useful for OSM uses) can be found here.
AFAICT, none of them seem to openly provide everything that Panoramax does, though, so there are many reasons for people being interested in Panoramax specifically.
While Mapilio (the company) is indeed registered in the Europe (the continent), it is not in EU – for those who care about political boundaries and all that.
For those who don’t care about political borders (but just natural geographic ones), Yandex Maps StreetView (popular Russian map provider, among other things) is registered in Europe (the continent), too. 
Also, for people concerned about geolocation and political zones of control, one should be concerned not only about their HQ location, but even more so about location/control of infrastructure they use. I don’t know all the details, but at the very least it seems:
- Mapilio ToS explicitly states that “In order for us to provide the Mapilio Services, you agree that we may process, transfer and store information about you in United Kingdom, the United States and other countries, where you may not have the same rights and protections as you do under local law.”
- at least in my EU location, their services are being served by Cloudflare (the US company)
- (the physical location and jurisdiction of actual datacenters used for image storage has not been publicly revealed AFAICT)