International applicant from China here. I very much agree with you. I think a Chinese gradaute with an European or American degree is still very competitive on the Chinese academic market currently. There are obviously exceptions, but people tend to beleive that American trained PhDs are more methodologically and theortically rigorous.
My personal motivations behind this cycle is to just see if I could get into any of US programs. If not, I may try a second time or just go get a Chinese PhD. A Chinese PhD still serves my personal interests and future plans but objectively not as good as an American degree. So, this mentality ties to the so-called "safety schools" concept I guess (I don't think there are any safety programs for PhDs, it is all about match and fit). I personally applied to some programs that are not as competitive as some of the top ones, which I think is a way of making "safeties" for myself. If only one program that is not a top one accepts me, I am happy to take it because a US degree is what it matters.