They could compete on ram, if the software was there. Just having a low cost alternative to the 4060ti would allow them to break into the student/hobbies/open source market.
I tried the a770, but returned it. Half the stuff does not work. They have the CPU side and GPU development on different branches (GPU seems to be ~6 months behind CPU) and often you have to compile it yourself, (if you want torchvision or torchaudio) it also currently on 2.0.1 of pytorch so somewhat lagging, and does not have most of the performance analysis software available. You also, do need to modify your pytorch code, often more than just replacing cuda for xpu as the device.
They are also doing all development internally, then pushing intermittently to public. A lot of this would not be as bad if there was a better idea of feature timeline, or if they made their CI public. (Trying to build it myself involved a extremely hacky bash script, that inevitably failed halfway through.)