For "basic" command recognition the ESP SR (speech recognition) library supports up to 400 defined speech commands that run completely on the device. For most people this is plenty to control devices around the home, etc. Because it is all local it's extremely fast - as I said in another comment pushing "Did that really just happen?" fast.
However, for cases where someone wants to be able to throw any kind of random speech at it "Hey Willow what is the weather in Sofia, Bulgaria?" that's probably beyond the fundamental capabilities of a device with enclosure, display, mics, etc that sells for $50.
That's why we plan to support any of the STT/TTS modules provided by Home Assistant to run on local Raspberry Pis or wherever they host HA. Additionally, we're open sourcing our extremely fast highly optimized Whisper/LLM/TTS inference server next week so people can self host that wherever they want.