I do understand the annoyance. The $100k exclusion, as others have mentioned, is not a "ridiculous amount", it's all relative to where you live and how much you earn.

You might also think it is "ridiculous" because you only earn money from a paycheck (e.g. you are an employee). For the self-employed things look very different: your revenue might easily be $200k, while your actual income is half that. Your foreign business pays taxes on income, but claiming the same deductions in the US might be difficult or impossible, so you might end up paying taxes on your $200k of revenue.

More importantly, though, the amount of paperwork that the US requires (FATCA and FBAR reporting) is ridiculous. And preparing your US taxes if you are an expat is a minefield, there is no way you can do it yourself. You need help from experienced tax accountants. All in all, it is a significant burden.