It's true, Intel spends more money on R&D than RISC-V is likely to ever get. But that means next to nothing. When a huge, monolithic, management-driven company spends billions of dollars on something, a lot of those billions of dollars aren't being used very effectively.
Consider Linux versus Windows. My suspicion is that Microsoft has spent more money on Windows dev than has ever been spent on Linux dev. Does that mean Windows is better than Linux? No; in fact, many people who have to use both would probably say the opposite. Why is Linux the OS of choice for many production applications in tech-savvy industries? It just works better and easier than the high-budget closed competition.
That's not to say that Linux is starved for funding; many large companies volunteer serious man-hours towards Linux development, because they want an open system that competes with (and beats) the crappy license-uncumbered alternative they would have to use otherwise. I expect the same thing to happen with RISC-V.
You also have this phenomenon in the open-source world where you have grad students, researchers, and enthusiasts embarking on ultra-high-risk projects that would never get funded at most companies, but pay off in a big way when they work. Now that we have an open ISA to work with, I fully expect a huge outpouring of automated synthesis software based on clever new ideas that beats the clunky stuff available in industry. We've already seen this happening on the HDL side of things; open-source, research-driven efforts like Clash and Chisel are orders of magnitude better than the crap that industry has been using for years (VHDL and (System)Verilog). Give it some time for the silicon side of things to improve as well.