For example, the Sun is a single point of failure for us each day. ...but the odds of the Sun being destroyed per day are so infinitesimally small, that it's not meaningful to say I have a single point of failure each day for the next 20,000 days.
That being said, engineering is all about trade offs so the takeaway I have from something like this is blind faith/hope that the domain experts make these decisions better than an outsider (me) and that when mistakes are made they’re corrected in the longer-term. I don’t know a better way than that.
What ends up happening is each failure is plotted on a severity x probability matrix with a resulting score. Depending on the requirements, the exact probability category thresholds may be defined quantitatively (e.g. 1/10,000 chance) or they may be more qualitative (e.g., ‘likely’ vs. ‘may happen’ vs. ‘improbable’). The resulting risk has to accepted by someone (usually a program or project manager). To your point, they have obviously found each to be an acceptable (but perhaps uncomfortable) risk. Some projects will define the acceptable level of risk at the requirements stage to drive design (e.g., no single points of failure that can result in loss of crew). With all that said, it is still an abnormally high number of single point failures in a complex system and reliability is generally not linearly related to complexity (just think about what happens to cyclomatic complexity as you add more variables and the resulting number of test cases you need for full coverage)
In my opinion, the real dangerous part of this process is that humans are notoriously poor at thinking in probabilistic terms. Challenger, Columbia, EVA 23 etc. are all attributable, in part, to bad assessments of probability. Human biases are all but guaranteed to affect these probabilities and thus affect our understanding of the associated risk.
I also hope, that if the Starship becomes operational, it could deliver much larger telescopes to space and start a new era of astronomy.
https://en.wikipedia.org/wiki/James_Webb_Space_Telescope#Cos...
Similarly, the 20x budget overrun number makes two errors - 1. that the initial numbers were in today's inflation adjusted dollars (which they were not), and that project scope remained exactly the same - which it has not. Numerous aspects of the telescope have been enhanced/improved to accommodate additional science.
I ran the numbers for inflation adjustment, and 500MM in 1997 is equivalent to ~811MM today. That means the project is between 12x-20x over budget... not much of an improvement in my mind.