I believe PG said he is taking more of a long-run view on this. He's not trying to make Arc what's hot right now, but rather thinking more about a "hundred-year language"
Still, I'll admit that only time will tell. Both languages are still quite young, and it is hardly uncommon for languages to develop slowly in obscurity before rising to prominence. Maybe it will gain traction, maybe it won't, but either way I think we will benefit from the increase in competition and the ideas that are generated in its creation.