I don't think we can say this one is a distraction - historically the US dollar has involved the "secret" deal [0] where the US was trading military protection in the Middle East for having a major energy supplier only accept dollars. Probably some other similar shenanigans going on that aren't public too.

I imagine the US's poor showing against Iran and the implied inability to coerce medium powers is a factor in the decision making of the serious buyers of US treasuries. It has never been entirely clear how much value the US military's ability to control global trade really backed the dollar; but Trump's style is to hit people with every possible threat and reason to do what he wants in case it helps.

[0] https://en.wikipedia.org/wiki/Petrocurrency#1970_to_2000