Lower OpenGL support and no DX support? Sure it will sell but it will not sell enough as it will not support the vast majority of mainstream games. 16GB of HBM is fine and dandy but if it can't play a popular game due to not supporting DX whats the purpose?
It is a start! These can do the same to GPUs as Oneplus and Xiaomi has done to cell phones! Bad quality, very bad drivers, but very cheap price compared to their competitors.
The biggest question/problem are the drivers. But if you would like to get raw power at cheap price, you can take this route! If Linux society can make open source driver to these, then these can be winners! (In Linux systems of course)
Looks like they're meant to be an affordable consumer workstation GPU, that can also game. The whole tariff business might even be enough to make these cards more attractive than the alternatives.
Also, I haven't kept up in the news regarding crypto mining in China, but it was pretty huge there for awhile. They did compare their GPU's to one of Nvidia's most popular cards, which happens to be the most popular mining card...
If you want to get the tinfoil hats going, consider that China is releasing a new "cryptocurrency," and a GPU supplier for their military is now offering cheap new cards. They've stated that people won't be able to mine this new currency, but what if your GPU came preinstalled with a low resource crypto miner? Sell enough of them and...no, their government would never do that right?