Your arguments make sense, and this is good case of there being a fine line between what is a bullshit excuse (e.g. to steal the Semiconductor manufacturing) and what bullshit excuse works because of the history.

In some cases, the leader is just full of hot hubris because they really believe the historical narratives trump the changing world - like Putin. In other cases, they are practical, but they think they can get away with using the historical narrative because enough people believe it / care about it. (I think that's the case with China...i.e. I don't think Xi Jinping is off his rockers like Putin is....he has too much control of the party, but I suspect he's not insane like Putin has become).