No, not really. The biggest concern is the US government claiming it can decide who gets to use a product and brazenly kneecapping competitive companies who do such things as "write contracts and comply with them."
Isnt the stated reason actually the most likely though? They dont want Chinese backed companies getting it. That is what they said about Fable (SK Hynix). You dont really need a conspiracy theory to explain it.
The US government isn't claiming that — it is telling you that fact.