It genuinely is far more invasive and frustrating than you'd expect.
I'm a dual US/UK citizen, living in the UK for four years. I have been turned away from local banks for being American. I have also had American banks and brokerages unilaterally terminate my prior accounts for moving abroad. I cannot reasonably purchase local life insurance policies nor mutual funds without tripping over IRS regulations that strip them of any preferential tax treatment and impose unimaginably onerous reporting requirements (PFIC).
As a dual citizen, you would think I could just bank with my British passport and conceal my American citizenship. Except foreign banks in countries with normal diplomatic relations with America are required to proactively search their customer database for indications of potential American citizens, report their details, and possibly preventatively withhold 30% of all payments to those accounts (FATCA). This is a right pain in the ass, so those institutions will often preemptively exclude customers who seem too American from the outset.
I have to rigorously report the highest monthly balance / value of every single one of my foreign assets and accounts, every year, to both the IRS and FinCEN, on entirely separate and incompatible forms.
And I get to pay thousands of dollars a year for the pleasure of being locked out of basic financial vehicles (life insurance policies!) and proving to Uncle Sam that I don't owe him anything. It's especially galling because this kind of reporting and taxation for foreign-domiciled citizens is unique to America, at least of developed countries.
Not to mention that all of this joy, and more, extends to your spouse, regardless of their citizenship.
I keep doing it, year after year, because I still believe in America. But after a few years without stepping on American soil, the question why am I still doing this comes of its own accord.