My understanding that Mutual Insurance companies are akin to non-profits. To a centrist like Biden this method of a heavily regulated health insurance companies to provide for the common good accomplishes two things: 1. it appeases his corporate donors to some degree; 2. it trains corporate health insurance that health is of the highest importance and profit — if any is secondary to health. And it sets an example to other corporations that heavily regulated Big Pharma is next on the list for regulation. Non-profits as you most likely know do not make a profit for the company and the people that work for them make profits within the entity. Moderate Republicans may favor this approach because it is not government — read mistrust of government. Its a compromise

However this is unlikely to pass into law with the likes of McConnell and other GOP senators who care more for profit than the common good.

I do like Medicare for all and yet I do not see this happening in the near future.

A link explaining the Japanese Universal Health Care System: https://www.internationalinsurance.com/health/systems/japan.php