US used to dominate recruiting and development thanks to title IX but Spain as well as England poured resources into their domestic leagues and development. Spain had some of the most talent out there including many players from Barcelona, who won the women's champions league.
That said, equality has a ways to go. This is the same Spanish side who literally revolted against Vilda and refused to suit up last year. A few players refused to play for him this year, yet they still won the championship. Curious to see how Spain resolves that dissonance. Just one in a long saga of feuds between players and federations.