S there room for a VPN with zero Five Eyes servers and RAM-only infrastructure?

I've been building on AWS for years and got deep into privacy/networking recently. The more I learned, the more I realized most VPN providers are theatre.

The problem I see: "no-logs" is meaningless if your servers are physically in the US, UK, Canada or Australia. A warrant is a warrant. Even providers I respect like Mullvad and Proton have servers in Five Eyes countries.

What I'm thinking: - Servers only in Iceland, Switzerland, Luxembourg, Romania, Japan - RAM-only — no disk, no logs possible by design, reboot wipes everything - WireGuard - Open source, annual Cure53 audit - BTC/Monero, no account required

Break even is around 200-300 customers. Infrastructure to start is maybe $500-1000/month.

Honest question: does Mullvad already own this positioning well enough that there's no room? Or is "zero Five Eyes + provably no logs" a real differentiator for a specific segment?

Also curious if anyone has experience running infrastructure businesses in Iceland or Luxembourg specifically.