Absolutely - and I'm a big booster of industrial policy a la CHIPS/IRA!
But a CHIPS or IRA style policy wouldn't work if trying to bring services or IP-first industries back to the US. In my vertical (cybersecurity/DevSecOps) much of the domain experience has been hollowed out domestically for almost 10-15 years now.
If you're offshoring for the sake of R&D and IP generation, cost isn't a significant pressure (eg. Top Cybersecurity talent in Israel can demand US level salaries, and similar talent in India can demand EU level salaries).
There's a much larger pipeline and skills problem in several subdomains in the tech industry that are highly underestimated by HNers.
Yes. The CHIPS Act and IRA provided avenues to that capital, directly and indirectly.