I don’t really understand. Why would I disregard “the dysfunction”? That’s very much at the core of what shapes the rest of the worlds perception of the US.
Agree on the second point though. It does (potentially) globalise the job market quite a bit.
The power of the American narrative is huge.
I know so many devs in Brazil who want to live to USA or Germany, as well as many other places. Those places have problems at a much higher level than our current stuff.
High level of crime, too much politics, education too expensive, healthcare too expensive, no public pension funds.
But the key point being narrative around the American dream, freedom of religion/expression, and all the other things I mentioned. Moving to a new place and taking a risk is a feeling based decision. Sure we might dress it up with some logic, but at the end of the day the USA has soft power in spades.
From a EU-centric perspective the soft power the US have is not that strong.
But, globally brand America's brand is quite strong still. And that is my point, don't forget how powerful that brand has been for the last 100 years. It doesn't disappear overnight.