We’d just get a bunch of proprietary cores which might not even be compatible with each other due to extensions. Companies like Qualcomm would have zero incentives to share their designs with anyone.
ARM is not perfect but it at least guarantees some minimal equal playing field.
> Afaik, ARM also licenses ready-to-go cores
Which is the core of Qualcomm’s business. All their phone chips are based on Cortex. Of course ARM has a lot of incentives to keep it that way, hence this while thing.