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The purpose of it doesn't really determine whether or not the taxing authority has the authority to levy tax or not. This is all a fight to try to stop taxation of capital until/unless it is sold,at which point capital gains taxes apply. If it's unconstitutional to tax that equity in a foreign property/enterprise solely because it isn't income (distribution, dividend, other payment) then I don't see how it would be constitutional to tax a stake or equity in real estate.
Of course, I'm being slightly facetious here. Obviously we have a long history of taxing property, so I don't see how logically this tax is unconstitutional either. In the same vein, the US also taxes foreign income that has no real nexus in the US, so if that's fine I fail to see how they can't tax a citizen's foreign assets.
On that point I'll have to grudgingly agree with what I assume is the conservative position. I see no moral or legal basis for a county to tax activities that take place outside their jurisdiction. The citizenship of the people involved shouldn't change that, but according to the US (and, as far as I know, no other county), it does. I generally see any conservative legal victory as a setback, but if this case some stops the practice of taxing US citizens living abroad, I'll consider it a silver lining.