Blinken's speech was a strong statement of where the US stands in terms of China's threat to the world order. His focus on not igniting another Cold War was a critical aspect of his address, and he charted a solid path for both working with, but also competing against, China.
Blinken's speech was just another example of Biden admin. officials having to deal with the blowback of Biden's constant gaffes. Though the US has a clear commitment to Taiwan, Biden's remarks only incited trouble and were simply not productive.
The US is playing political games. Blinken's long-awaited speech was unexciting, showcasing the US' hypocrisy when it comes to China and global affairs. Though Blinken sought to portray China as some sort of global rule-breaker, it's the US that has spent the last 30 years, if not longer, trampling the international order and bullying smaller and weaker nations.