Had to file our first FATCA report this past June; you’re right about it being oppressive.
No foreign bank wants anything to do with you if you’re a US citizen. FATCA has made us financial pariahs abroad, and effectively traps your money inside the US.
I’ve also heard that the forms are difficult to fill out, making it easy to make mistakes, and the law provides absurd confiscatory penalties for those mistakes.
Land of the free, indeed.