You yourself repeat a very common misconception and false analogy.
Intel and AMD start new microarchitecture design work every 2-3 years because (Intel, at least) base their sales on offering the latest and greatest. They seek peak performance, which is exactly what gamers/scientists/prosumers want.
But for large swaths of the market, you don't need that. Think of your average consumer/small business owner. By and large, most of them are using 3-5 year old PCs, and even then the processors within those 3-5 year old PCs were probably last-gen when they were purchased.
Or think military -- the ability to have a home-grown, openly-vetted processor that you can tape out with a trusted domestic supplier would eliminate a number of security concerns.
Don't let great be the enemy of good here. If you can build a decent RISC-V core that can compete with an Intel Core 2 Duo, you've got all the horsepower you need for the average consumer.