It's not (just) that "drama sells", but that the US constantly need a Great Satan to justify massive military spending and force projection. The USSR is gone and its replacement is only dangerous to its immediate neighbours, so it doesn't really work for that role. China, on the other hand, has (not that) quiet ambitions of global dominance, so it works well. It doesn't help that the Chinese are fond of making clearly-illiberal moves every other day.