People will call this sort of thing performative since the legislation will be dead in the water, but you’re spot on. An important part of politics is virtue signaling. You’re telling your supporters what you stand for and that you’re at least trying.
Whether it’s progressive or moderates doing so, it’s an important political tool, and sometimes the only tool at their disposal. Showing people you’re willing to fight, even if you know you’re going to lose, is a big deal.
I’m glad he’s taking it seriously. It looks like the next few events he does are going to be really important in determining his next steps. If they go badly, I think he drops. If they go well, he’ll probably stay in.
I also 100% believe that Biden is fully aware of this article and likely encouraged the NYT’s source to approach the media. Part of evaluating this whole thing is going to be gauging public opinion and testing the waters.