"Bidenomics" involves giving lots of money or regulatory protection to politically favored big businesses in the expectation that those companies will do politically desirable things, such as hire a bunch of Americans, provide a geopolitical advantage, or advance the cultural priorities of the governing party.
If you reject"free-market dogma" and believe in government-industry cooperation, then the natural place to start is with U.S. support of a domestic semiconductor industry. For national security reasons, the United States needs to have a reliable supply of microchips, and if we rely totally on Communist China and Taiwan, then we are at the mercy of Communist China.
Meanwhile, the whole thing has run over budget and behind schedule. One reason for the overrun, according to TSMC: U.S. workers were too expensive and insufficiently skilled.