The conditions for the last tax holiday were different and there wasn't as much cash sitting offshore then. Planners are also discussing a deemed repatriation tax, so everyone will get taxed whether they bring the cash back or not. You're right there probably won't be a direct link between companies bringing cash back and increased direct investment in the US, but there will be a side benefit to alleviate the bond bubble because there will be less incentive for big companies to borrow in the future.
Despite headlines that Trump's administration has been less than effective, his department and agency appointees have done a good job in removing growth-stifling regulations, and that's helping economic growth.