We already have concentrated microwave beams. And they do suffer immense energy loss on longer distances.
If you want to transfer energy via microwaves, your efficency will reach single digits real fast on any meaningful distance.
You are right that the inverse square law doesn't realistically apply with concentrated beams. But you still have energy loss. Lots of it.
But don't take my word for it. https://www.nature.com/articles/s41598-022-25251-w