This is stealth capital controls.
Even if you just want to be prudent and have some money out of immediate US gov’t reach, and you report it, the foreign banks won’t take your business, and the IRS has rules that are so difficult to interpret that you can easily make a mistake and be subject to a confiscatory penalty.
Sure - that was the whole point. Gin up faux outrage about a few billionaires renouncing citizenship and use it to pass totalitarian legislation guaranteeing the US Government de facto ownership of all of its citizens and their assets. And hardly a peep (excepting Rand Paul) from any so-called "conservatives" in Congress.