It does look that way.  Go read this basic timeline from Allahpundit, starting with a legislative threat McConnell issued at the end of last month.  That ultimatum appeared to have worked, with Manchin announcing shortly thereafter that he was pulling the plug on negotiations over a zombie, fallback version of 'Build Back Better.'  He indicated was more interested in another bill passing (which Mitch was threatening to hold up), plus with acute inflation and economic uncertainty ahead, he suggested that his appetite for a climate/spending/tax hike package was gone.  Leftists freaked out, again, berating the Senator all over social media, where they do much of their complaining.  But maybe it was a head fake?  Follow the sequence of events of the big reversal:

USICA was the bill Congress was working on to help make American industry more competitive with China. The ultimatum led to USICA being scrapped — but the guts of it, to jumpstart domestic manufacturing of semiconductors, was rolled into a new bill called CHIPS. Meanwhile, McConnell’s threat seemed to have its desired effect on Manchin. On July 13, he declared the reconciliation bill to be a clear and present threat to the economy due to its inflation risk and walked away from BBB, infuriating liberals. All Manchin would agree to was a narrow deal to reduce prescription drug prices, with none of the climate-change measures that liberals wanted. McConnell had won! That left the Senate GOP free to support the CHIPS Act. Which 14 of its members did this morning, when the bill finally passed the Senate...And lo and behold, a scant four hours later, Joe Manchin has suddenly changed his mind and decided that he’s okay with a bigger reconciliation bill after all. It sure looks like Manchin and Schumer faked out the GOP to get around McConnell’s ultimatum so that they could pass CHIPS with Republican help, overcoming a potential filibuster, and then pass BBB after all.