The empiricval evidence in countries with long term ranked voting (Australia, say) is that bicameral party systems (only Democrats or Republicans have any realistic chance) wither and die, and smaller blocs have a better chance of survival and impact | influence in the House and Senate ..
Two parties "dominate" in Australia (or rather three parties, which are effectively two - the Nat-Liberals being an Rural-Urban conservative coalition of long standing) but nowhere near the degree to which two parties dominate in the USofA; more importantly minority opinions have gravitas and can sway the major vote - none of this bipolar US Dem-Rep deadlock.