The short Story is, that they only mark the country of the company who sells the products and not the country of origin. So for wxamble, their own peanuts are marked with a star as they are based in EU as a company, but their peanuts can come from the US. Same gores with “California raisins” and other products what recieve the EU mark simply because the company who owns the brand are based in EU.
Most of these big companies know enough about their supply chains to be able to say if something is a product made majorly in Europe, typically for their anti-slavery obligations.
So while yes it’s better than nothing, it also feels like the bare minimum given they’d be able to provide Europeans with more information.