> Australia has been largely recognised as a failure. Australia just exported to elsewhere
Not only that, but the loss of coal imports from Australia led directly to massive power outages in the northeastern provinces this fall. Though it's possible that the people aren't aware of that causal connection.
> Anything else is to accept the final end of US leadership in the world
There is some sense in which the US is willing to relinquish its "leadership in the world" and "take some me-time"; it's just too much of a pain in the ass. This has been a trend since 2001, when george bush was elected on a "humble foreign policy" platform (but not delivered upon), skipped obama's cabinet (though he was famously aloof during high level diplomatic meetings), through Donald Trump, who hasn't started any new foreign adventures, and Biden has actually withdrawn from Afghanistan. I think that we are emerging into an zeitgeist where the US doesn't really care to be number one, it's just so stupid and so much of a waste of time.
But even in context of deliberately disengaging from the world, the US still goes to bat for Taiwan.