Paradoxically, it's also a good example of the kind of soft power the US still has: we're all watching their movies.
Meanwhile a huge portion of them are filmed in other countries, edited by brits, staring europeans, etc.
There's a good reason major studios have spent billions on film studios in the UK instead of the US.
Take something like Andor. Filmed in the UK and Spain, with a team of staff almost exclusively from the UK and EU. With a Mexican lead actor, 1 American co-lead, and then tons of British Actors, a few Australians, Swedish, German, Irish, etc.
Very few big movies or tv shows can be classed as "American" these days. They require people and facilities from all over the place.
In reality they're just off-shoring costs, but it's still "American".