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Both. We get allied assets in the region. We also get purchasing volume for military hardware, which feeds R&D budgets for things we want.
[0] https://en.wikipedia.org/wiki/Foreign_policy_of_the_United_S...
But I'd point out that America has A LOT of blood on its hands. A half million Iraqi's being the most recent, Vietnamese before that, and Koreans before that. Still going strong with drone strikes. Banana republics in central America, mucked around in south America. Proxy wars in Africa. Keeping the Middle East destabilized. The average American seems to support all of the above, which just means it will continue.
I don't want to say that America is an evil country, but it is the biggest and violates the rights of a lot of people (to say the least) in pursuit of its interests. It's an empire warping the world to its desires. Economically (as you mentioned), culturally, and militarily. That's what big powerful countries do.
Israel is now one of the most prosperous nations in world history. Their GDP per capita will soon be among the highest of any nation. They passed Japan, Britain and France recently on that metric; next they'll pass Canada and Germany. They're entirely free-standing economically at this point and do not require US funding (even though the US will obviously continue to have deep economic ties with Israel, including militarily).
https://en.m.wikipedia.org/wiki/Israel–United_States_relatio...
In 2016, the U.S. and Israeli governments signed their third 10-year Memorandum of Understanding (MOU) on military aid, covering FY2019 to FY2028. Under the terms of the MOU, the United States pledged to provide—subject to congressional appropriation—$38 billion in military aid ($33 billion in Foreign Military Financing grants plus $5 billion in missile defense appropriations) to Israel. This MOU followed a previous $30 billion 10-year agreement, which ran through FY2018.
Of course the US gives Israel some money still, mostly related to its on-going military relationship with Israel in developing weapons systems and technology. There isn't anybody in this thread that doesn't already know that. And the US gives money to a lot of other nations too.
None of that negates what I so precisely worded to try to avoid this follow-up response. I failed unfortunately.
Israel has a $400 billion GDP at this point. As I noted, the US does not particularly fund Israel. US funding to Israel represents a now trivial part of their economic system. They do not require the US, they are free-standing.
This is the problem I have with funding Israel. We're literally giving them money to commit war crimes and illegal military action. We should be sanctioning them (if we want to be consistent), not funding them.