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It opens the door to more manufacturers since there is no ISA licence fees. While the AMD/Intel duopoly is being fairly competitive at the moment, it really doesn’t have to be. Only think back to how bad it was late 2000s to 2015.
I imagine a plethora of core designers, soc vendors and platform creators filling their own niches; lowest cost, lowest power, HW accelerators, highest core count etc.
I don’t see the raw performance of AMD/Intel being surpassed soon, just because of the sheer total R&D years each has, but that doesn’t mean there aren’t other areas better suited to a different architectural approach.