You might think history proved Gates wrong, but no air power can compete with what the US has now, sans the F-22, and it would have been very expensive.
For example, a war with China, if it happened, would be most expected around Taiwan; how would F-22's reach the fight? There are no airbases nearby, except on Taiwan which would be innundated with missile attacks. The F-22 doesn't fly from aircraft carriers (which are imperiled by China's missiles regardless). The US needs a longer-range fighter in the Pacific, to cover the vast territory without bases.
Also, the F-22 afaik doesn't integrate with the new network-oriented joint force, where every asset is a sensor and node on the network, all sharing and a view of the battlefield. It doesn't integrate with 'wingman' drones, now the concept for at least part of the Air Force, where human-piloted planes control several drones.
Instead, the US spent that money elsewhere at the time, getting a better return on investment, remains in the lead now (with F-35's), is building a bomber for the China contest (B-21's), and designing a new fighter.
True, same with the Seawolf-Class Sub's, just too expensive for the "now"-state. However i think with china, the US has to go back to the far-ahead-tec doctrine....fast...