This is not the reason for a push to consider alternatives to the US dollar as the world reserve currency.
The US dollar's hegemony over all economic activity is. The government that controls the world reserve currency, has great control over the world. No one looks at the US as a bad investment because of our tax or spending policies.
That the US government can control foreign banks is a perfect example. Even though the US has no regulatory authority over these banks themselves, they can effectively control a foreign bank by blocking or threatening to block access to all dollar denominated systems, like wire transfers.
It is all about power and control.