"would separately approve spending about $50 billion to increase U.S. production" ummm, production isn't the problem, it's labor costs and taxes and permitting process hell to get anything built
could achieve the same thing by putting a 1000% tax on incoming chips and they might move home voluntarily
Most of the companies’ home is now China - most of our US-centric tech manufacturers went bust or got bought by China. We don’t even have any chip fabs in the US capable of less than 10-14nm chip manufacture when the current standard is 5 and heading for 3. This is due in part to what you mention but also due to incompetent US management.
So if “they” go home, there still won’t be much of anything made here.