This is a narrative framing from the tech companies who started and continue the AI race. The current administration is following this framing because the tech billionaires helped them get elected, so they are getting their pay back. It's crony capitalism.
I do not work at an AI company. If you gave me a magic button, I would press it to halt all frontier AI development globally.
But, I do not have that button, and I believe the thesis that for the US to thrive, or even survive, we have to win at AI. So, until we get a multinational pact to pause AI (which I would support), it needs to be all gas, all the time.