I am not defending the US government but the reason why you hold treasuries is because if you want to buy something in two years, or ten years, etc. there is a good chance you will want to buy something with dollars. Oil, soy beans, New York real estate..

The real answer to your question is the US bond market is an auction, and rates are going up and up, with some sketchy tactics being employed to try and keep them down.

What’s happening to US bonds has been compared to using a credit card to pay off your mortgage...

its mostly because the global economy is dollarized so there's a number of benefits store your wealth in dollars as a hedge or point of stability. If the dollar's dominance wanes, so too will be the appetite for US treasuries.

There is no alternative.