I mean, to take that one step further, if the underlying process-node technology (e.g. EUV) were nationalized, then you an entire nation-state's budget (and ability to get cheap loans) could be thrown at the problem of rapid horizontal buildout of fab capacity. Economics similar to nuclear power generation.
Exactly. And even if it ultimately doesn't turn a profit (which, who knows, it probably will turn a profit) you've still created a pretty favorable circumstance for chip manufacturers.
There's a reason why basically only Intel does inhouse fabrication and even they have had to rely out outsourcing it.