The protocols for space walks are also very similar to deep sea divers. The suits have an internal air pressure lower than the space station (for many good reasons). In order to avoid getting symptoms similar to the bends, they have to spend several hours pre-breathing pure oxygen etc. This means they can't just put on a suit and go outside in an emergency - it takes planning and time.
Quote: After pumping up his pressure suit to three and one half pounds of pressure per square inch, "the suit took on a life of its own and became so stiff that it didn't want to bend at all." He struggled to move inside his stiff suit.
The ISS is pressurized to match Earth at sea level (it's designed for long-term habitation), and the pressurized modules are built to withstand that pressure.
Making a spacesuit that could handle the same pressure would require it to be much heavier and more rigid. Cutting the pressure makes it much easier to work in.
Interesting that they hook-up the "broken" module back into the system for diagnostics.