The Defense Production Act was intended to mobilize sectors of the economy to support a war effort with incentives and assigned priority for resources. It was not intended to fix baby formula shortages caused by overregulation or to support an uneconomic climate agenda.
Redirecting resources means that other industries will not have the resources the market would have sent their way, there are victims balancing the beneficiaries. The presumption is that Biden is a better judge of priorities than the market.
That worked so well for the Soviet Union.