"It would be better just to build a Shenzen in the US"
Probably not.
Imagine if you went to a flea market, but instead of comic books, hot dogs and used sofas ... you found all sorts of cheap, exotic component parts. Anything. Everything. For 10's of cents each.
I'm close with a team making a product, and there are a few 'custom-ish' things they need, like a tiny microcontroller with camera that does some very basic processing as a sub-module. In America - that's a big deal. Hire a team, get some researchers to consult, do some iterations yada yada.
In China some guy in a ratty, dirty, poor little corner shop has it! For like 40 cents in units of ONE!
There's a massive 'secondary industry' of people making 'not rocket science but not trivial' gadgetry very fast, and on the cheap that is not going to be duplicated anywhere.
Add in the tons and tons of cheap labour, with few labour laws.
Add in the 10 hours 7 day crazy work weeks.
No - Shenzen will not be duplicated.
That said - it may be possible to expand the Valley in a more 'automated' 'high end' way.
For example: 3D printers that are more amenable to 'short production runs' instead of just prototypes. Low cost / fast turnaround injection moulding. Quick turn around on smaller components.
This might make it better for American firms doing quality high tech to churn out faster prototypes, first production runs, and later automated large runs.
Doing this would take some champion leaders, maybe Cisco, or Google or a few others setting up shop, proving the way for others to follow.