The U.S. economy's role as both a producer and a source of demand in the world is decreasing, but it still remains significant in international finance. U.S. inflation with its inherent risks is calling for the rest of the world to work towards an alternative international financial architecture.
Imagine that the US has $50 and the rest of the world has another $50. Combined we have $100 available, the US has 50% and the rest have the other 50%.
What happens if the US prints $10? The US now has $60 and the rest have $50. This means we have a combined $110 available, of which the US now controls ~55% and the rest of the world has ~45%. With this simple trick the US extracts wealth from the entire world, this has been their free lunch since the dollar was declared the international reserve currency.
But fortunely they have been shamelessly exploiting this to a point that the rest of the world is not indifferent anymore, countries are moving away from the dollar.
The US ruling class also only allows for one way to manage inflation: interest rates. So when the US experiences above-target inflation, they increase their central bank interest rate. What does that do? It makes all USD denominated debt more expensive. Seeing as most global majority countries are stuck in the US debt trap, this makes for bad times. See the 1980s, when inflation was high so interest rates were pushed even higher. The US banally called it the “Volcker Shock,” the global majority called it a crippling debt crisis. The IMF swooped in to take advantage.
Like you say, fortunately the world is moving away from the dollar.