This was to close certain problematic tax avoidance issues. People were fleeting from the US to avoid paying taxes, but kept all the benefits, or hid the money off-shore.

The problem here is that they never raised the amount you must report, because in the past, 150k used to be a lot. Now that should be closer to 500k. But like the minimum wage and tax brackets, they haven't kept it up with inflation. Not in the way they needed to at least.

Unfortunately the main loss from US citizenship loss is voting and potentially travel to the US. But the wealthy influence politics by lobbying not voting.

Now if Citizenship was required to fund lobbying... wooh that would be a big hit for those abandoning the US.