The solution for the current web browser situation isn't another competitor. There will probably never be another big competitor. The reason is that merit isn't the primary reason how Chrome won the majority market share.
There was a twitter thread that I have been trying to dig up ever since the WEI debates began. It was from a Firefox developer who explained how Chrome managed to get its users. Many Google websites used to intentionally provide bad UX for months on Firefox compared to on Chrome. When Mozilla calls this out, Google devs would pretend that it's an honest mistake and would enable full performance on Firefox. However, many users would have ditched Firefox and migrated to Chrome by that time, never to return to Firefox again. These oopsies happened so many times.
How is any new competitor going to overcome the lack of cooperation from such huge services on the net? The problem really is that the users let themselves be manipulated. The solution here lies with the users, not the competitors.