There are no effective international institutions. The human race hasn't figured out any way to unify on a global level. There are no world police - just scattered teams with nukes at each others' throats.
If history is any indication, being on the losing team means being on the wrong side of obliteration and conquest. Being on the winning team matters - a lot.
This is the prisoner's dilemma, without any benefit to cooperation. The US has the wealth and the industrial base to spread throughout the solar system faster and more aggressively than anyone else.
Whoever militarizes space first controls every other nation's access to space, and has the ability to deny access to opposing nations.
I'm thankful the US is doing it before China.