The geopolitical aspects are, to me at least, a bit over blown. Yes there has been growing concern about the integrity of the supply chain for critical resources, but that is the whole globalization problem in a nutshell. I find the calls to re-vertically-integrate the US to not be very persuasive in terms of practicality. Maybe if Canada and Mexico join the US in an economic union similar to the EU? Chips are just one part of a much larger puzzle and fabs are just one part of a supply chain that includes stops in Malaysia, Indonesia, and Vietnam for packaging and testing.

I do think it has been made abundantly clear how interdependent the world is these days. It is possible that the new clarity has caused some powerful forces to reconsider their world view. But has it changed it enough to create real and meaningful policy change? (For context, I see globalization as a means of maximizing profits, not about politics)

To my way of thinking, real change would be the ability to economically stand up a 100mm 5nm fab line profitably. That would allow the production of "jelly bean" chips (general purpose < 100M gates). That would be a pretty seismic change in my opinion.