TSMC was funded by government. The cost requirement for new fabs is beyond the funding private enterprises can muster. Perhaps through funding, years down the road, it may make sense. This isn't about Intel IP, it's about manufacturing high end chips on US soil.

it's less than ideal to have the sole company capable of making the best chips 81 miles off the coast of China.

Yes, this is also about the non-existing level playing field. How can US win if countries like China don't play by the same rules?