Yes, a shitty cycle in a shitty world. If not for the threat of China, I don't think the U.S. military industrial complex would have as much merit, but, under that (growing) threat, I think anyone who values freedom, democracy, and progressive ideals should see merit in the U.S. maintaining and growing capability.

To do that, it seems like the defense industry needs "stuff to do". Like a muscle, that sector atrophies if left unused. It's counterintuitive, though -- why spend so much money on a glorified Skunk Works project like the F35? Why double down and start producing hundreds of them despite their issues? Because it generates/maintains experience and lessons and keeps the metabolic pathways that turn material into materiel active. If you skipped the extra steps and had the government just sustain the defense industry on welfare while it does nothing right up until we have a massive conflict, things are going to go much more poorly for you.