They were never in serious competition with Elastic, as far as search goes. If you wanted to build a semantic search application using OpenAI embeddings, the more common (and scalable) method is to index those embeddings in a vector database like Pinecone.[2] In fact that's what OpenAI recommends to anyone who needs to transition off their Search API.
[1] https://help.openai.com/en/articles/6272952-search-transitio...