The barrier to replicating TSMC isn't just cost, it's supply chain, geopolitics, and talent.
Only one company on Earth can make the UV lithography machines TSMC buys for their highest end fabs, and they're not selling to anyone else.
The PRC tried to brute force this supply chain backed by the full might of the Party's blank check, all red tape cut, literally the best possible duplication scenario, and they failed.
The PRC didn't fail, they haven't finished succeeding yet.
They will succeed eventually since they have proof it’s possible and their plans span decades. I expect them to have working EUV in 10 years. Whether it’ll still be bleeding edge tech is a different question I dare not guess the answer to.