It's not really "eventually" for our hard power.
Iran has exposed many limitations and weaknesses in America's defense capabilities, and it's a fraction of the threat China is.
We have 0 carrier strike groups in the Indo-Pacific right now.
Vietnam, Iraq and Afghanistan all also exposed the weakness of American might? Was the last big war that the US won WW2?
I think its eventually in that if we put our might behind it we could take probably any 2-3 major military powers on the planet at the current moment, but that's with the caveat that putting our might behind it means tens to hundreds of thousands of dead military members which we as a nation have lost the stomach for.
I am saying eventually in that I think we will not even be able to do that if we found our grit again in the coming years as long as we are prioritizing raising testosterone in individual soldiers and removing qualified women and minorities from our military over having competent leaders and prioritizing logistics.
> Iran has exposed many limitations and weaknesses in America's defense capabilities
I'm far from a fan of current US policy nor an apologist, but this is a flawed analysis.
The war with Iran has exposed the stupidity of entering into that particular conflict, where:
* the goal (if there was one?) was something like regime change at arm's length
* 'arm's length' means using expensive long distance precision weapons, as there was/is very little taste for an invasion
* the target (Iran) is situated next to US allies which also happen to be hugely important as oil producers/exporters
* the target can also threaten a hugely important global shipping channel - the Strait of Hormuz
* the target has prepared for this action for years if not decades, and has good-enough drone technology to hand to threaten its neighbours and the Strait of Hormuz
This is an almost unique case in the world, and as such, its lessons of "US weakness" of "US failure" simply can't be assumed to translate more broadly. Iran is/was far more a strategic blunder which could/should have been foreseen, than a sign of America's weakness.
Yes, America currently has low stocks of long-range precision munitions and Patriots, but it still has the most powerful conventional military by far, and a globally-unrivalled ability to project that power around the world, if it chooses to.
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"But what about Ukraine? What about drone warfare? America is far behind there." This may have changed the game. The heavy usage of drones in Ukraine evolved, noting Russia didn't initially invade with swarms of drones. If the US had had a strong reason to support Ukraine (imagine Russia had instead invaded Florida) they could likely have used conventional means (air superiority, tanks, men) and ended the war within a few weeks. Admittedly, now it's far less certain how those tanks and men would fare in current drone battlefield.
> and it's a fraction of the threat China is
It depends entirely on the nature of the war envisaged (see the points about Iran being a unique situation.). In particular, China does not have anything like the US Navy to project power in the way that the US still can.