There were definitely a lack of funding justification as the previous wars dragged on. Iraq and Afghanistan cost trillions of dollar each, against tiny forces. The US could hang on for as long as it did simply because of the massive budget discrepancy to their enemies. But eventually had to withdraw/surrender when it was obvious they couldn't win.
Where did this massive budget go to? There is one tank factory, 7 major shipyards, and about 250 aircrafts made per year. Except aircraft, China military production dwarfs the US in everything else.
Even Russia is producing more ammunition than the US can. Just to be clear, Ukraine is receiving aid from the entire Western hemisphere, not just the US. At the start of Ukraine conflict, the US made 28K artillery shells per month, and is really struggling to ramp up to 50K in the next few years. Meanwhile, Russia is making over 200K. Just that alone should raise alarms about how pathetic the US manufacturing base has become compared to its adversaries.
Call it my opinion but when an army become overreliant on high tech but with precious few numbers that they can't replace easily, against a new paradigm in war where disposable mass strikes, i.e. drones, is becoming dominant, it is clear who is losing. Japan lost exactly this way in the Pacific to the US.
The US military is now optimized for cost and profit, like everything else here. Lawyers and businessmen are taking charge, not engineers and scientists. Worse, they are considered a cost to be cut.