Producing novel observation platforms is going to be expensive regardless of which platform, because of launch costs.
> I wonder if a future evolution of space telescopes will be some kind of interferometric (obviously extremely hard for IR or visible light, but easier for radio and microwaves) swarm of cheap semi-disposible telescopes than one enormous one.
With space recovery and repair mission capabilities like https://nexis.gsfc.nasa.gov/osam-1.html growing, a single large asset could be easier to repair than constant refresh.
Anyways, small satellites = small sensors.
There is a big difference between a projected life of 1-3 years, and a prestige mission with a long lifespan. Hubble has been operating for ~30 years now.
> Then you can add to the swarm, upgrade elements, and retire failed elements without having to eat a multi-billion helping of humble pie.
Keeping a swarm of space assets ideally situated over time, with proper attitudes and control is a non-trivial problem. Look at Magnetospheric Multiscale Mission, that is considered a hard problem.
Software solutions don't always translate to hardware.