I wouldn't say this is a 'manufactured distraction', but rather a long range geo-political plan coming to fruition. Look at the winners and losers.
Winners:
NATO
The U.S. Military Industrial Complex
U.S. Gas producers
Democrats
Neocons
U.S. Covert actors like CIA
Losers:
Russia
Russian Gas producers
Ukraine as collateral damage
Russian people as collateral damage
This is a long range plan started under Obama in 2014. Biden is the final implementation of the plan. Trump's election disrupted the plan for four years, so they concocted 'Russa-Gate' to smear him and get back to the original plan.
The world is trying to psychoanalyze Putin but the fact is the U.S. has been instigating this for a long time. Bully the bully. It is just a plan coming together. The only surprise is Putin's extreme reaction.
The sad and angering thing is the poor Ukraine people suffering for this.