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I think it's more useful to look at military spending over the last three decades. NATO membership entails spending 2% of GDP on their military. The US is one of few countries in NATO that have actually kept up with that. A couple countries have followed suit but many have been lax. Recently that trend has reversed and more countries are ramping up military buildup, in part due to the US's recent flaky foreign policy. A huge amount of military industry is outsourced to the US as well. Lots of weapons are made there and the prospect of losing your primary source of military industry due to political instability isn't appealing.
Basically, folks got lulled into a false sense of security.
That's a narrative I've heard but I honestly can't speak to how valid it is. I find western media's discussion of US military hegemeny suspect.
It's pretty valid. Between the end of the Cold War and now, most European countries have chosen to wind down military spending, sometimes to an excessive degree. In the 2011 Libya Intervention, the US was initially content to sit back and let Europe handle an affair close to Europe - until it emerged that our allies had started to run out of precision munitions after a few weeks of strikes.
A few years ago, you'd be shouted down for saying that. Problem was that it's true, and the Ukraine invasion woke up a lot of European leaders that they need to fund their own militaries to at least a base level. Nobody seems to argue against it anymore except the odd tankie.