All is indeed lost!
Browsers are incredibly expensive technologies to produce. If Microsoft of all companies could not find success with Edge classic, a browser that they wrote from scratch. Added with the ability to advertise and bundle with the worlds most popular OS, then Firefox has no chance to be the bastion against Chromium.
One part of me is curious what a realistic web landscape would look like if it was all Chromium (including Firefox). I guess at first it would be great to see cool new browser APIs, but then something will be added would cause an uproar.