I think it was certainly possible for SOMEONE to have come up with a better design targeting the nascent PC market. Also remember the 99/4 was pretty cheap compared to "real" computers. A typical CP/M or Apple ][ machine would have cost somewhere around $2500-$3500 in 1979. The 99/4 was a "bargain" at $1150. You have to think a 9900-based system that had a front-panel, floppy disk, RS-232 interface like contemporary CP/M machines wouldn't have cost too much more than a CP/M device. It may be a scratch more expensive cause you would likely want a bit more memory than the 16k that was common in the Altair or IMSAI machines at the time.
Every now and again 99/8 prototype systems will surface on eBay and sell for THOUSANDS of dollars. I just saw a CC-40 Plus system go for about $3500. Alas, I can't really justify that many dollars for these old systems. When TI got out of the business, they had the 99/8 and CC-70 in development. Assuming they were able to sell them for a decent price, they couldn't have been as bad at the 99/4 and CC-40.