EE chip designer here. this is 100% correct. just one point to add: quality of fab process as is also doesn't immediately matter. it's a matter of reputation/reliability. Intel for example is trying so hard to gain their reputation back. Fabs don't compromise theor quality for any customer to keep that reputation alive. it's incredibly hard to bring something new and disruptive by a new player. you need deep pockets (10s of billions to burn) and industry insiders to somewhat buy some reputation.
only exception to this is China. it's slightly easier to do this there at the moment. through they often transfer TSMC heavy-weights to manage their fabs.
