A no-build treaty can look like self-disarmament to an aggressive government, even when that interpretation is not rational. This interpretation groups common motives for war under greed and fear: greed seeks a cheap profitable victory, while fear encourages a desperate first strike. Visible capability raises the expected cost of aggression, and continued construction gives each participant confidence that it is not being left helpless. Deterrence works by creating conditions in which restraint appears safer and more rewarding than war.
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Deterrence works by checking fear and greed
The closing strategic argument says visible preparedness discourages aggressors from imagining either a cheap victory or an opponent too weak to resist.