But “US” is not an adjective? It’d be like saying “First Brazil Pope elected”
"US Economy"
"US Job Market"
"US Military"
"US Policy"
And many other examples ...
But now that I read about it, when you use it as adjective you have to write as "U.S.".
If you want to throw the whole argument to the trash because it's missing two dots, well ... up to you.
In 50 years, when the U.S. has decided to call itself something else, then yes, this CNN breaking news headline will be ambiguous. But breaking news writes headlines for its current audience, it’s not meant to be a taxonomically accurate index.