diff --git a/doc/source/whatsnew/v2.1.4.rst b/doc/source/whatsnew/v2.1.4.rst
index 07197369abc59..9cc79b7090499 100644
--- a/doc/source/whatsnew/v2.1.4.rst
+++ b/doc/source/whatsnew/v2.1.4.rst
@@ -34,7 +34,6 @@ Bug fixes
 - Fixed bug in :meth:`Series.reset_index` not preserving object dtype when ``infer_string`` is set (:issue:`56160`)
 - Fixed bug in :meth:`Series.str.split` and :meth:`Series.str.rsplit` when ``pat=None`` for :class:`ArrowDtype` with ``pyarrow.string`` (:issue:`56271`)
 - Fixed bug in :meth:`Series.str.translate` losing object dtype when string option is set (:issue:`56152`)
-- Fixed bug in :meth:`Series.value_counts` not preserving object dtype when ``infer_string`` is set (:issue:`56187`)
 
 .. ---------------------------------------------------------------------------
 .. _whatsnew_214.contributors:
diff --git a/pandas/core/algorithms.py b/pandas/core/algorithms.py
index 1c8f876dff408..cfa41a4e1969b 100644
--- a/pandas/core/algorithms.py
+++ b/pandas/core/algorithms.py
@@ -871,8 +871,6 @@ def value_counts_internal(
         Series,
     )
 
-    input_dtype = None if not isinstance(values, Series) else values.dtype
-
     index_name = getattr(values, "name", None)
     name = "proportion" if normalize else "count"
 
@@ -931,7 +929,7 @@ def value_counts_internal(
 
             # For backwards compatibility, we let Index do its normal type
             #  inference, _except_ for if if infers from object to bool.
-            idx = Index(keys, dtype=input_dtype if input_dtype != "float16" else None)
+            idx = Index(keys)
             if idx.dtype == bool and keys.dtype == object:
                 idx = idx.astype(object)
             elif (
diff --git a/pandas/tests/series/methods/test_value_counts.py b/pandas/tests/series/methods/test_value_counts.py
index 422f0fac37f6d..859010d9c79c6 100644
--- a/pandas/tests/series/methods/test_value_counts.py
+++ b/pandas/tests/series/methods/test_value_counts.py
@@ -269,14 +269,3 @@ def test_value_counts_masked(self):
             [2, 1, 1], index=Index([2, 1, 3], dtype=dtype), dtype=dtype, name="count"
         )
         tm.assert_series_equal(result, expected)
-
-    def test_value_counts_infer_string(self):
-        # GH#56187
-        pytest.importorskip("pyarrow")
-
-        ser = Series(["a", "b"], dtype=object)
-
-        with pd.option_context("future.infer_string", True):
-            result = ser.value_counts()
-        expected = Series([1, 1], index=Index(["a", "b"], dtype=object), name="count")
-        tm.assert_series_equal(result, expected)