Two things on this front. The first is a foreign earned income exclusion. The first $120,000 you earn is not taxed. The second is that one can also renounce their citizenship. It's not particularly extreme if you only plan on returning to visit, rather than live in America, and is quite handy not only for avoiding double taxation, but also making it vastly easier to bank abroad.

America has a habit of making laws that it compels other countries to follow, and banking is definitely one of those. Foreign banks dealing with US nationals have a mountain of paperwork, rules, and regulations to abide to the point that US citizenship is often a substantial hurdle to foreign banking. And, as usual, the extremely high wealth types that acts like FATCA [1] ostensibly target have little difficulty finding ways around it. It's the 'normal' people who get hit the hardest.

[1] - https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance...