US cars stopped being 'better' many decades ago. Japanese cars overtook the US auto industry in reliability, and European cars always had the edge on snob appeal.
US power will decline, relatively speaking, but many people have no idea how strong the US is in emerging technologies. Next generation nanotech, biotech, semicon tech, AI, robotics, etc, etc. In just about every area of emerging tech, the US is either leading by a margin or is matched by China.
Just take the example of fracking to extract oil. The GCC countries have had decades of head start and billions of dollars but what did they do with all that money? did they invest in improving the technology? getting more efficient? No, they spent their country's wealth to build idiotic tall buildings and to buy shiny toys. By contrast, the US invested in fracking technology and the tech keeps improving literally every year, so that the US is now the top oil exporter in the world using fewer sites.
The US is developing kamikaze microdrones the size of a mosquito. These drones will make 99% of the current security setup obsolete around the world.
No other country on the planet even comes close to US or China when it comes to emerging tech. Europe became irrelevant decades ago.
P.S. Any US collapse will come from internal societal issues, e.g. the polarization highlighted in recent elections.