It's impossible to create an Asian NATO, the basis of NATO's capablity to expand in Europe was that the US offered prosperity, development & jobs to Europe while the USSR was a economicaly backward state that offered nothing but weapons, but weapons cannot provide a prosperous life.
in Asia the opposite is true, China offers jobs, development, money & prosperity while the US cannot match that & the only thing it offers is military provocations AKA "freedom of navigation patrols".
furthemore in order to form an Asian NATO there are three key countries required for that, Indonesia, Malaysia & Vietnam, contrary to the wishs of some misinformed Viet members, the main ally of Vietnam is Russia , an Asian NATO won't just target China but also Russia, Vietnam will never backstab the Russians.
the previous ruler of Malaysia was viewed as being pro China, so when he lost the elections China haters celebrated thinking they finaly got a China hater only for them to find out that the opposition was even more pro China.
Australia is irrelevant, it's small & far away from China to be relevant.
instead of a US lead Asia, what's happening currently is that America's influence is shrinking.