This comment gets thrown around a lot but oversimplifies things.
First, in the 90s, 2000s, and some of the 2010s ‘the US’ was China’s biggest cheerleader, investor, and supporter. Most US elites knew China would eventually become a bigger economy due to their 4x larger population, and were ok with it as long as they got to share in the wealth creation. To the extent those folks were the decision makers and thus ‘the US’, they didn’t dislike the idea of being the #2 economy.
Second, sure the US doesn’t want to lose control of the mostly peaceful, prosperous, and free rules-based order it created after the disastrous first half of the 20th century. And rightly so. There is zero chance that a cult of personality totalitarian dictator like Xi Jinping is ever going to make anything broadly better for the entire world than what the US created, despite its mistakes and flaws along the way. None. It’s completely legitimate for the US to not want to lose control of that, which would mean losing some or all of it to something worse.
I don’t agree with everything the US govt does - Iraq was a travesty, and I have no idea what went on with Libya, or what is going on with Syria, for example. But there’s a 0% chance that a world dominated by Xi Jinping and the CCP would be better.