ARM was UK-based and Japanese-owned, back when Huawei was barred from accessing its tech. The point of leverage is that it contained IP owned by USA-based citizens (and presumably companies ARM licensed it from). I don't know how deep the legal analysis ever went, on such claims.
Yes, RISC-V tried to insulate themselves by relocating to Switzerland, but if its patent pool includes any contributed by US companies (I think it must?), then you could still see the USA try to control it, in a similar way. Maybe Switzerland doesn't play ball and enforce those claims, but US lawmakers could at least try to control involvement in RISC-V or with Chinese entities by US companies.
I think it's not the reasons, but rather the tactic that's at issue.
The last time someone tried to pull that, it was SCO (as a Microsoft-funded puppet) to all users of Linux. The result : SCO is gone, most of the UNIX patents have been challenged and disqualified, and Microsoft is endorsing Linux.
This might just lead to faster adoption of RISC-V, actually.
Nobody wants to cut off their access to American technology though, do they?
Yeah - provided it's US-made. However, it's been a trend these last few decades that when the US government (as itself, or as a puppet to its lobbies) didn't want a country to do something, they'd throw their weight around... And simply get circumvented. They did that to France's Dassault on a chip inside the targeting system, Dassault redesigned it to be US-free (and performing better, actually).
More consumer-friendly, there's a reason h.265/HEVC didn't take over h.264 and we're getting AV1 instead, eventhough most companies behind it are US-based (apart from VideoLAN - damn, the French - again !)
So, yeah, considering past history, the US government trying to block China's access to RISC-V will merely cause the rest of the world to take note and actually invest in that architecture.