There are still a large number of semiconductor fabs in the US. Semiconductor packaging operations, however, are indeed exclusively in southeast Asia today. Manufacturing is only part of it anyway - there are still very large numbers of the engineers in the US designing the parts even if they are being manufactured elsewhere.
How many pounds did a 70's era HiFi weigh?  How many ounces does an iPod weigh?

The Asian trade route has been pushing miniaturization for decades, just because cost has been determined in part by how many units you can stick in a shipping container.

... this is not the only story as transportation prices get higher, but it is certainly one of the stories ....