No, all Americans who make money abroad have to file taxes. Yes, there is the Credit and the Exclusion, which will often reduce your burden to often zero but still requires all the paperwork.

Try owning a stake in a foreign company (CFC) though, that's a nightmare with often unavoidable significant taxes.

As someone who is burdened with several thousands in filing costs every year (not tax, I mean the cost of paying an accountant to deal with the filing, which is required for all US citizens), because I have a non-US business, please fill me in on the benefits.

Also more and more non-US banks won't take US citizens as customers because they don't want to deal with the US's FATCA requirements.

No other developed country has these sorts of requirements for non-resident citizens.

Most are burdened not so much by the tax itself , but by the complex and costly tax report that should be filed every year.