The Hubble telescope was launched in 1990. It was, presumably, at the bleeding edge of modern engineering. 30 years later it shouldn't be unthinkable that commercial engineering could achieve something comparable at a fraction of the cost, not to mention all the improved methods for compensating for defects and utilizing smaller, more easily manufactured components. Similar advancements are what have made cheap launches possible.
Yes, the engineering required for these things is still amazing. But that doesn't imply it's still as expensive. Plus, there's more private wealth. Maybe crowd sourcing isn't practical, but I'd think universities could easily achieve this if the motivation was there. Nobody thought launch costs could be reduced as much as SpaceX has achieved. All it took was a highly motivated person. Musk didn't invent any new technology; like many industrialists he simply recognized the technology was already there or at least on the cusp, and assembled the assets to make it happen.
[1] http://hyperphysics.phy-astr.gsu.edu/hbase/Tables/thexp.html
[2] https://jwst.nasa.gov/content/forScientists/faqScientists.ht...
There are some advances in, for example, using glass-ceramics instead of glasses, which give better strength, better rigidity, and enormously better fatigue tolerance. I don't think anybody makes multi-meter mirrors out of fused quartz, even though it would be a near-ideal material from a TCE perspective.
The century-old techniques are a little better now that you can use a laser instead of a candle, and there are improved techniques you can use, but amateur telescope fabrication techniques are totally capable of hitting λ/8 precision.
Really large mirrors are segmented anyway.