> my hope is that it leads to more competition so there are at least options
There are already lots of options within the ARM instruction set. The problem is that Qualcomm makes the best modems and the best (non-Apple) processors and uses their wireless patents and chip lead to squash competition.
> Perhaps though, with RISC-V options there could be a real solid open source option (aka a Linux phone)
The issue isn't the ARM instruction set. We have Linux smartphones (beyond Android) that you can buy today. You can buy a PinePhone and run Ubuntu Touch, postmarketOS, Mobil, LuneOS, and more. You can buy a Librem or Volla Phone or Fairphone. If you want out of the duopoly of Apple and Google, there are devices you could have shipped to you today!
The problem isn't the ARM instruction set and getting RISC-V processors wouldn't make much of a difference for Linux (or FOSS in general) on smartphones. The ARM instruction set isn't what is keeping the tech giants in power.