China releases 'UBIOS' standard to replace UEFI – Huawei-backed BIOS replacement
tomshardware.com
tomshardware.com
One alternative way to reduce their dependency on foreign platform vendors would be to blow the existing market up. Coreboot and similar exist, and if they got a state-sized injection of resources, they could reasonably drive vendors like Phoenix and AMI out of the market, leaving behind an ecosystem without any particular dominant player.
There is a solid argument for UEFI being a terrible mess, so if they want to leverage a "remove foreign dependencies" as motivation to make something better, more power to them.
The issues of forking are: fragmentation, balkanization, and reinventing a wheel that already exists. Microsoft sure a shit ain't going to support it. It makes OS and hardware support for everyone else more difficult. They're locking themselves in and shutting the door to the rest of the world.
If it's so "terrible", then you're free to write your own and get OS and hardware vendors to support it, otherwise you maybe frivolously complaining about reality.