The bigger loss is in soft power, the power that comes from economics, having the worlds reserve currency, and even the trust and respect of our allies.
Neither does the US anymore.
US influence has gone up in the smoke of broken economic agreements, psychotic bloviation, and tariff wars.
If all you can do is threaten other people/countries to stand beside you, you have no friends.
Bridges are burned that will never be rebuilt.
What makes you think of this? Also, why wouldn't China pick up this role, when they heavily rely on this, or why wouldn't bilateral agreements be enough?
The Strait of Hormuz has entered the chat.
So much of American "power" in the past few decades has been based on perception, not reality. And other major powers, including China, have largely played along because it has suited their interests too.
But it's a mistake to assume that just because other major powers haven't sought conflict with the US, it means they're not capable of challenging America's power credibly in certain regions and domains.
Of note: the US doesn't even have an aircraft carrier in the Pacific right now. The only thing keeping China from, say, moving on Taiwan, is Pete Hegseth's testosterone.