It seems that the US may be in a process of signing itself up for many of the drawbacks of Chinese-style state capitalism (regulatory conflicts of interest, opportunities for politicians to rent-seek) with stakes small enough that the taxpayer will see little real economic benefit.

This.

Though I’d say US is speeding with reimplementation of ruzzian style oligarchy (already happening with open corruption between government and broligarchs) with flavor of Chinese capitalism (this article).