I'll toss in my $.02.
I generally like American engineering, but I feel there are some things we get wrong.
American engineers have a nasty habit of tossing out tried and trued designs and starting over with "clean sheet" designs whenever some new challenge comes along. You see this so often in the automotive industry, especially engines.
For example, in the late 1990s, the folks at Cummins realized that the tried and trued 14 liter diesel engines they had been making, with surprisingly few changes, for 40+ years was probably never going to pass the tightening emissions regulations. So, instead of modernizing a legendarily reliable engine, Cummins came up up with a "clean sheet" design called the ISX. It took them another 10 years to get that engine to last over 400,000 miles without creating new holes in the block. Working on them is a nightmare.
There are dozens of examples. GM replacing the 3800 V6 with the 3500 and 3600 DOHC. International replacing the 7.3 PowerStroke with the 6.0 and 6.4. Anything Eco: Ecotec, Ecoboost, etc.
You do not see this tendency in Japanese engineering. When something is not broken, they don't fix it! Now the flip side is that the Japanese tend to hold on to old designs to the point of feeling out dated and missing out on new innovations. For example, you could still get a factory cassette player in a Honda car until 2009...
I think you can judge successful engineering by the number of knock offs. For example, how many copies of the Bridgeport milling machine are there? Or the Deckel? Every small engine of dubious origin is a faithful copy of a Honda, to the point that parts are interchangeable.
I think that most of the problem with American engineering is the American consumer. But then again, maybe American engineering has created the American consumer...