Sure we are. Modern targeted weapons are much more efficient that the old dumb bombs. Just coz we ain't carpet bombing like back in the Big One (or even Vietnam) don't mean we ain't stackin' 'em up like cordwood.
"Modern targeted weapons?" Are you referring to JDAMS, etc.? They cannot be used against peer powers like China. The way to render JDAMS into mere dumb bombs is to knock out the satellite system they use. That's what Uncle Sam's real opponents plan to do.