Yeah, I suppose you're right. Still, once something that could pose a large existential risk comes into existence or looks like it will soon come into existence, wouldn't politicians then consider existential risk reduction? For example, once a group is on the verge of developing AGI, wouldn't the government think about what to do about it? Or would they still ignore it? Would the responses of different parties vary?

You could definitely be correct, though; I'm not knowledgeable about politics.