I don't think the rest of the west besides the USA is all that interested in the strategic value of Israel; I'm not even sure the USA is strategically interested… well, not economically and militarily at least, I think the politicians care about the country for the sake of their own re-election.
If the US only cared about power-projection in that area, Cyprus would also be an easy option (like the UK does with https://en.wikipedia.org/wiki/Akrotiri_and_Dhekelia), as would Turkey (a NATO member), and these days they could probably have an easy time working with Egypt.
Sure, Israel has a lot of stuff going for it (nukes that won't necessarily be blamed on the USA; MOSAD is infamous; etc.), but counting on them alone is an all-eggs-in-one-basket strategy that comes with risks.
If the US only cared about power-projection in that area, Cyprus would also be an easy option (like the UK does with https://en.wikipedia.org/wiki/Akrotiri_and_Dhekelia), as would Turkey (a NATO member), and these days they could probably have an easy time working with Egypt.
Sure, Israel has a lot of stuff going for it (nukes that won't necessarily be blamed on the USA; MOSAD is infamous; etc.), but counting on them alone is an all-eggs-in-one-basket strategy that comes with risks.