There isn't any such thing as a fundamentally new CPU architecture anymore: compare AMD, ARM, Intel, IBM, etc. designs from the past 10+ years and you find many more similarities than difference regardless of ISAs. The only major difference between architectures is how much silicon and power gets allocated to each part of the pipeline and even that tends to be similar across the board since all instruction sets are affected similarly by cache hit rate, latency, branch prediction accuracy, re-order queue depth, etc. which are themselves dictated by typical software design.
Software design is the biggest bottleneck.
Depends what software I guess? No wait, if it were just software, why did Itanium fail so horrendously? It could run Linux, Windows, OpenVMS, what more could anyone possibly need? </sarcasm>
At least RISC-V seems off to a better start with Linux, FreeBSD, and most recently OpenBSD announcing support for it. LLVM, golang, gcc and other very important toolchains are also already supporting RISC-V.
To think that in 2021, we can still buy new MIPS64 based systems which have a wide range of operating system support, even from volunteer run projects such as OpenBSD, yet we can't buy new Itanium systems (no, old stock on eBay for a couple hundred bucks doesn't count), and HP will officially discontinue their Enterprise support for Itanium in July of this year kind of makes me wonder, is software design the biggest bottleneck?
Heck, this site is still tom's HARDWARE, not tom's SOFTWARE, right?
I think hardware plays a significant part, software doesn't run on thin air, no matter who might be investing $ to support a hardware platform. If a hardware platform doesn't have customers, that to me is a bigger red flag than whether it has some limited amount of software for it. Commodore Amiga enthusiasts, still have new hardware being produced for their niche market, decades after Commodore declared bankruptcy. That certainly helps individuals who still develop software for that platform. However, even those people seem to be gushing over the Vampire FPGA and ARM and PowerPC accelerator upgrades that have been available for their systems over the ensuing decades so that they can run their demos and whatnot faster than stock hardware from 1994. Who knows, in another decade or two, maybe there will be RISC-V based Commodore Amiga accelerator cards for the likes of them. Regardless, they still want and clearly prefer hardware to emulators for most appreciable applications, warez kiddies and PiMIGA projects notwithstanding.