Sure. The US isn't morally any better on this though. VC backed companies and the "get users, figure out profitability later" strategy that have made outside countries unable to compete have been enabled by the US government tweaking interest rates and the supply value of the dollar. And the US backs all sorts of unprofitable things through grants, contracts, and bail outs.
The US government just hasn't yet found a reason to directly pay for a domestic country to release open models. But it's not like we're above that at all.
There isn't really question of morality here, China simply operates different than the US. US companies will need to provide a return to investors and want a secret competitive edge. Chinese companies will need to provide the state with AI, money isn't a concern.
As for why the US gets all the VC love, it's because the US has an extremely friendly business environment. People leave their home countries to start businesses in the US because of it. Europe has done a pretty good job suffocating their tech industry in comparison.
The US government only plays a relatively minor role in this too, because unlike China the US is not a planned economy.
The US government just hasn't yet found a reason to directly pay for a domestic country to release open models. But it's not like we're above that at all.