A high-quality 24" or 1-meter university-grade observatory telescope can be had for well under $1 million. If you multiply that by a factor of 100 to mount it on a satellite, you're still at 'just' $0.1 billion and can buy a whole Ariane-5 launch just like the JWST to put it at your desired orbit for $0.15B, for a total of $0.25B (a Falcon Heavy runs about half the cost for a launch). You could launch 30 of those (hopefully improving your factor-of-100 cost increase to something more manageable) for less than what the JWST will cost.
I get that JWST is a 6.5 meter telescope, not a piddly backyard 24" device, but why do we have to launch the best single scope possible?
There are only 7 visible-light space telescopes listed at https://en.wikipedia.org/wiki/List_of_space_telescopes#Visib.... I wish there were 70 or 700, with live Internet feeds.