I don’t think they ever had the fiscal ability to do that long-term, and certainly after the dragons the political power to do it at all.
A Versailles program needs a standing army who is loyal to the king, among other things. Westeros completely lacks that because its kings are still dependent on their nobility for soldiers.
Just to add something that I didn’t put in my original post about the Versailles strategy – at the same time that Louis XIV started the Versailles system, he also outlawed private armies and enforced that law vigorously.
The Westerosi monarchy isn’t anywhere near being able to do that.