It is indeed. The way to challenge OpenAI's offerings is with open-source AI models. Even better when they achieve and surpass GPT-4 level capabilities.
They (OpenAI) cannot win the race to the bottom or $0. Stable Diffusion (and even the leaked Facebook LLaMa) is already at the finish line and more alternatives will also be there to surpass GPT-3 and 4 and will release them for free in the open.
Eventually, Open source AI models will eventually disrupt closed ones. Just like how DALLE-2 has been disrupted quickly by Stable Diffusion.