Most people wouldn't end up with rolling their own, but contracting existing support providers or developers.
E.g. for Excel and Word replacements there is LibreOffice, and any number of companies offer more polished packaged up LibreOffice variants and surrounding services. One example is Collabora in the UK[1]. In that respect the effect would be to shift revenue that currently mostly leaves Europe to companies closer to home.
The biggest hindrance is that if you do too much of that and you'll get the US and others doing the same thing in return, whether in the same sectors or entirely different sectors.
[1] https://www.collaboraoffice.com/