Similar to #16180 there is a problem with react@next a.k.a. (react@18.0.0-alpha-...), where the "exports" field was added to the package.json.

Storybook tries to resolve react/package.json in lib/ui, builder-webpack5 and builder-webpack4

node v12.22.7 is fine.
node v14.18.1 is fine.
node v16.13.0 succeed with a warning.

node16 --eval 'require.resolve("react/package.json")'
(node:624999) [DEP0148] DeprecationWarning: Use of deprecated folder mapping "./" in the "exports" field module resolution of the package at ...

node v17.0.1 throws an error.

node17 --eval 'require.resolve("react/package.json")'
Error [ERR_PACKAGE_PATH_NOT_EXPORTED]: Package subpath './package.json' is not defined by "exports" in  ...

A possible solution for this specific react/package.json problem could be to just resolve the pkg name as in react instead of react/package.json.

node17 --eval 'require.resolve("react")'
// no error

Allthough this still might be broken should react choose to export a different subdirectory as its main entry.

Further context is available at nodejs/node#33460