If there was more effective competition at the design and manufacturing end of things, there would be more supply diversity throughout the supply chain to supply them and shortages probably wouldn't have been as severe if not avoided altogether.
Apple may up the ante sooner rather than later with their upcoming M1 - successor APUs, which are rumored to have substantially increased iGPU performance. Then we will see what Intel is going to do with their DG2 (and other, higher specced dedicated GPUs) and whether or not they are actually serious about it. However, this will materialize only after Intel will have their new fabs fully operational. Until then, they will certainly use every available wafer for their CPUs/APUs.
Some (very slight) hopes can be had for a potential expansion of already ongoing cooperation between AMD and Samsung, and maybe Samsung could provide some production capacities for future (lower grade) Radeon GPUs (rather unlikely because of Nvidia).
So, there is some hope for more capacities and more competition....