We would end up in the same place if everything is based on Blink/WebKit; arguably we're partway there already.
Hopefully Servo will provide a competitive browser engine and full browser in the future as well, with the bonus of being great for embedding. But it's not quite there yet. And other potential competitors have their own problems. Firefox is, for the moment, the most popular and only viable browser not based on Blink/WebKit.
If there's only one browser engine the Web immediately closes up like a giant impenetrable clam. All of humanity will be left outside, doomed to scrape forlornly on the shell with our nails and dream of the pearls within.
There are a few others, mostly A.I. slop like NorthStar.
This is a discussion about real browser engines in the wild, not in-development ones.