It happened a decade ago. Wouldn't surprise me.
My bet is it will be similar to steam deck. The starting specs will be somewhat comoetitve to a PS5 Pro but with huge compromises (in Steam Deck'Deck's case, flash storage). A model that competently competes with a proper gaming oc will probably be 1000 or so.
Valve got popularity in the handheld space because everyone else except Nintendo gave up in terms of consoles. That plus seeing the handheld PCs from china pop up showed ample opportunity. I'm not sure the same will apply here.