Does there exist a company or project that has the resources to develop a smartphone with better performance, UI, and cost than Android or iOS devices? Microsoft couldn't pull it off, and I am skeptical that Meta would have been able to.
I can imagine an alternative smartphone carving out a niche audience like older users, FLOSS enthusiasts, digital minimalists, kids, gamers, privacy-focused users, etc. Perhaps over the span of decades such a project could iteratively improve while the incumbents enshittify and eventually surpass them in popularity.
But it seems more likely to me that Android and iOS will dominate consumer smartphones for as long as that form factor exists. When they are displaced, it'll probably be by some innovative non-smartphone computing device.