After you've stolen it, it's still "there" except for the exclusivity.
Chips will still exist, fab lines will still run. Profits have tanked, sure. Innovation is probably stifled but that's an opportunity loss.
There's a long history of stealing IPR at the state level around the world. States do this, private individuals do this, assets get seized everywhere from time to time.
'Sovereign risk' has always to be factored in to any business venture, anywhere. Nobody can possibly have been investing millions in China mainland without knowing this risk going in. At this point, "outrage" is part of the negotiating tactics. Outrage won't really stop this happening here or anywhere else. Bilateral consequences might? What Chinese assets will somebody seize?
The German petrochemical and drugs sector was economically robbed postwar WW1 and WW2 and personally I think somewhat rightly so. Bayer made cool drugs, but also helped the nazi party. Russia and America both took things as expropriation. Postwar, but.. does war make this IPR and asset claim really that much better?