2021: EMEA > AMER > PAC
2022: EMEA = AMER > PAC
2023: AMER > EMEA > PAC > CN
2024: EMEA > PAC = AMER > CN
I mean, Guild was able to beat Optic and Loud, but outside of them and FPX it wasn't really close compared to the top AM teams. I get your part about regional depth, so I'd throw up how Xset was able to beat Fnatic and FPX at times, 100T was able to beat Fnatic, Lev was at that same tier. In NA, teams like Faze, NRG, Guard, and EG were able to challenge those globally recognized NA teams.
If we want to be abstract about regional contenders, it's about equal between just NA and EMEA. If we want international contenders, arguably AM would be placed higher. And, if we look at the peaks, Optic and Loud were a step ahend of everyone else (worst case, FPX was there too).
I'd be more tempted to put AM = EMEA 2023 than EMEA = AM 2022.