Sovereignty matters when you can’t trust there won’t be supply disruptions due to war, piracy, or trade intervention.

Post ww2 the US had no reason to be concerned with any of the above in the western world, following the collapse of the USSR this mentality was extended globally with the belief that “we’d reached the end of history”.

As of 2020 I don’t think any major power considers the risk of trade interventions or war to be negligible. The us navy may no longer be capable of ensuring freedom of the seas unilaterally.