Good point, on the last part. But I think the likelihood of an actual invasion of Taiwan is extraordinarily low. There's terrain and weather reasons for why any land invasion would be telegraphed well ahead of time and would be a complete bloodbath for any invading force. What
is quite possible imo is an air bombardment as an attempt to force the Taiwanese government into capitulation. This would obviously precipitate a response from the US, and potentially other countries (not going to mention NATO here because I'm not really sure how useful that designation is in 2020 and beyond). So, maybe the bet is that US air/drone power is still a decade or so ahead of China's such that we'd still be able to repel any PRC attacks. And because of that, this is a gesture that signals a) they think that kind of attack is likely and b) because of (a) want to make sure they're on good terms with the American government and people. The history of US relations with Taiwan is a lot more cloudy than people really grok today, so that's my theory on why they're doing this.
I suppose that doesn't really address your broader point though, which is a good one, that Taiwan does/did have leverage in this relationship with their higher-tech fabs being located within Taiwan exclusively. R&D will still be in Taipei, I imagine. Very quickly this becomes, in my mind, a human capital question.