There is a space race now, between the US and China. It is tempered by China being only a non-NATO regional security threat, especially in the form of forcibly uniting Taiwan with the PRC. The modern space race is one branch of a many-faceted technological rivalry. So it doesn't have to make business sense or scientific sense in any strict way. But it also can't consume a large fraction of the GDP, or blow up a crew if that can be avoided.