There’s the politics of it (the posturing, the manoeuvring, the BS) and then there’s the reality of it.
The reality of it remains: all tech companies are potentially compromised and should be assumed to be compromised unless there is demonstration to the contrary.
Huawei attempted to demonstrate to the contrary - in respect of just one Huawei device (never mind about their entire product range) - and
a) failed to demonstrate it (so far), and
b) did show that their software process is not very good.
The “Huawei dispute” might go away but the problem remains. All it would mean is that the US government would be choosing to ignore the problem i.e. prioritising money over security.
China, being at the foundation of the entire tech industry, as the manufacturer of a great many devices, is in a position to insert vulnerabilities (compromises) that are extremely difficult to detect or eradicate. That is an inconvenient truth.
I doubt anyone could seriously argue that China does not have the technical capability. So it really comes down to whether you believe they have the motivation.