The days of Hirohito and the Japanese wanting to conquer the world are past us. Japan is a modern democracy. It would be better if Japan had a larger military so it could contribute in cases when international conflict breaks out. The United States should NOT bear all of the burdens over every single issue.
Letting Japan have a bigger military could also help put more pressure on N. Korea.
The Japanese should be allowed to have total control over their armed forces again, not just for the issues of sovereignty, but also it would be quite strategic for the United States, as a strong Japanese military would be a good counterweight to both North Korea and China. This seems to be the only sensible option.
No, Japan is not overly dependent on other countries, and the limitations on its military are important, because Japan has been a threat in the past. It is important to monitor Japan and their military, because World War II caused a lot of deaths. Japan cannot be trusted to build up its arms again. Monitoring is keeping the peace.