THIS.Chip industry is a total straw man.
What happens if TSMC blows up tomorrow? Your iPhone becomes a little hotter, slower, and the runs out of battery an hour sooner?
America has 100% of the tools and know how needed to create chips domestically, they just happen to be 2nd best right now.
Taiwan is 100% about strategic containment.
TSMC is important in the chip industry and if all their factories would be blown up tomorrow it would also cause a massive hit to the industry but it would not be unrecoverable (albeit we're looking at years to 'get back on track') and there will be chips to replace them (which might not be as good yes).
With that said, it most likely is a piece of the pie/equation(s) and something that is talked/thought about, but it's not the end all be all, nor is it likely to be the primary driver/reason in case the US were to intervene in the case China had to take Taiwan by force.