The industry needs more competition? It already has enough competition, it just needs more supply to satisfy demand. Intel are potentially a source of some relief with their new GPU, but it is likely not going to be a high-end solution that competes with the best Nvidia and AMD have to offer.
As for people switching to console... people say that with every generation, but a) consoles are also in very short supply and b) PC sales are not slowing down... so I don't think that is accurate.
I don't think there is enough competition.
There are only two competative GPU chip suppliers, Nvidia and AMD. That's not healthy competition.
There are only a couple of Foundry companies capable of making the latest chips. Samsung and TSMC. That's also not enough for a healthy competative market.
Chip design firms like ARM, Broadcom, Intel, Qualcomm etc. could compete, and hopefully Intel (also a Fabs firm) will be soon, as they are trying.