Not a big space person, but this makes me wonder: why have we not planned for a new ISS? We must have better tech nowadays from all the working countries/groups currently involved, plus SpaceX and other space companies' backing that would not have existed as it does now back when this ISS was first designed/created.
Then there's a genuine question of what this enormous expenditure truly buys us. NASA's budget has been strangled for decades now, and robotic probes and missions to other planets have been perennially delayed due to cost, while their scientific ROI would truly be much greater than for ISS experiments in many cases. Don't get me wrong, I'm a huge fan of the ISS and manned spaceflight in general, but this kind of money does require serious explanation to Congress to justify the costs. Oh, and there's the entire money pit that is Artemis/SLS that stays on NASA books.
Also, why now? The private space industry is at what seems to be the beginning of an inflection point with heavy launch capabilities (SpaceX Starship) looking likely to drive down costs by over an order of magnitude. A single Starship might provide 800 cubic meters of volume, and the whole ISS is 1,000 cubic meters. Why not wait for that to come online and then launch many many ISS' worth of volume to several labs?
Lastly, the privatization of launch vehicles in particular has a lot of people questioning if private industry might be better able to step up to this challenge of manned orbiting labs. It has a potential to expand the range of solutions, massively decrease costs, and provide efficiencies that NASA might not be able to provide. When you don't have to manufacture space parts scattered all across the globe, it's easy to see why this could be cheaper and more efficient.