Even if they finally manage to deliver some working hardware, it still remains to be seen how well it will perform on real-world tasks, using existing codebases. The HPC world has a long history of lofty promises that don't translate well into usable performance.
By comparison, I think it's instructive to see the approach taken by Tenstorrent: start small and build your way up. Not only iterating on the hardware, but also the software, as you go.
Also, I think the bar for HPC is getting set ever higher, because you not only need to deliver leading performance, but also with extremely good efficiency. Intel learned this the hard way: it's very difficult to beat GPUs with something that's not a GPU. Discrete GPUs have all the same sorts of demands: compute, bandwidth, and efficiency. Even though HPC accelerators have diverged from consumer GPUs, they still share a lot of commonality.