Renouncing your US citizenship is hard, expensive, and has been getting harder and more expensive all the darn time.

If they make losing your US citizenship easy/automatic as part of passing this new law (as many other countries do,) the US is going to lose a lot of citizens, including quite a lot of HNW people who have Caribbean passports. It's the "US Citizens are taxed globally" thing, mostly.

I think there are easy ways around this, if counterparty nation states will not share your citizenship details with the US government and you don't transit the US on a non US passport.