It's also currently the world's pre-eminent power in a history dominated by strong militaries and during its tenure as such the world has unequivocally been more stable and peaceful than it's ever been statistically.
The access to free trade over more porous borders has lifted billions of people out of poverty. Europe hasn't been this peaceful ever as far as I can tell. Every major democracy in the world exists under America's umbrella.
Certainly it's not all roses, Iraq was probably just a decade of war crimes, but we can see what happens as soon as we leave places like Afghanistan (wasn't perfect, but was certainly a lot better a year ago than today), Syria (Kurds abandoned have to re-align with Russia, Turkish troops move in), Philippines (never even left after Duterte quickly reconsidered given China's encroachments in the S China Sea).
Pulling the US military into a more isolationist or more equal to others stance would almost certainly result in more regional conflicts around the world as the stakes go from "hey we definitely won't win this thing" to "hey, we've got a fighting shot here".