Bringing chip fabs back is good. It is a strategic move that ensures we have control over chip security for critical devices. But it does not follow that bringing chip fabs back means that all manufacturing is coming back.
My local hacker space is struggling to keep its doors open. All my local electronics shops (in the Bay Area!) have closed down. The small independent hardware stores are closing down too. People who actually want to build things are having a harder and harder time getting it done. Everything is owned by private equity firms who raise the price so high that people not already making a profit are getting squeezed out, which removes space for learning, prototyping, and risk taking.
Compare all this to Shenzhen where you can get everything you need fabricated in a small area. It is important to keep in mind that Shenzhen was built relatively quickly, so perhaps we could do that here. But will we? I admit I only know the basics of the creation of Shenzhen but it sounds like strong political will to create it was an important part.
Do we have strong political will to create something like that here? I honestly don't think we do. I am concerned that our political system is so overrun with corruption, infighting, finger pointing, and empty gestures meant to get likes on Twitter that the work needed to actually make manufacturing happen here would never get done.