Hopefully not. The draw/success/popularity of Apple products never leans solely on commodity hardware. The real draw is always in the only-available-here software. No matter what quality "really good sounding speaker" ships within this cylinder, the ability of competition to upgrade speaker quality is trivial. Ever changed the quality of your speakers at home or in your car? Pop out the old, pop in the new, and you have upgraded the quality of your speakers. There's no coding & debugging tasks involved. Remove old, insert new, and listen to better quality sound.
To date, Apple has spun the primary justification of this thing on exactly that: "better quality speaker." The time it will take for Amazon, Google, etc to swap out their speakers with something equal to or better than Apple's will probably be about as long as it takes you or me to swap out our car's speakers with better ones.
Apple loses when the gist of the proposition is on commoditized hardware alone. Any competitor can easily match or exceed Apple's choice of quality speaker in a matter of days.
To some degree, the "dot"-type products ALREADY do that by shifting the choice of quality of speakers out of the box (brains). Buy a dot, pick ANY quality of speaker you want (or already have) and now you've got the brains + the quality of speaker you desire. The retail on 2 HomePods does offer a lot of room for buying some great speakers instead plus dot-type products, if one does not already have some spectacular speakers to which to connect a dot.
Which brings us to...
I suspect that it MUST be this. What makes Apple products a success is the exclusive software, not the underlying hardware. Since the other players can easily stick higher quality speakers in their products (if their's turns out to be inferior quality vs. Homepods), it seems this eventually comes down to the Siri vs. Alexa vs. Google, etc. Hopefully Apple has been hard at work making elements of Siri that best match what one expects out of this kind of product best in class.
After one gets done playing with an AV device UI, it does come down the quality of that device's output. If all players can line up on quality of sound- and they can- the UI becomes the differentiator. If this smart speaker is coming to market with the highest price, it better bring the smartest UI. Trying to win on commodity hardware alone- or commodity hardware with an inferior assistant- seems a high hurdle to leap (at the highest price). Sure, the staunch "Apple is always right" fans will gush and spin whatever Apple spins in the marketing about it (I've already seen a post from some guy claiming one of these sounds better than a $40,000 speaker

) but the masses who don't worship this corporation will likely need to be wooed on an overall experience (akin to the perceived lift driven by iOS on commoditized hardware and/or macOS on commoditized hardware).
If Siri still feels a few years behind, I question adoption beyond the "I'll buy anything Apple offers"... "and gush about it as hard as I can to try to sell others" crowd. If the software is inferior but the price is highest in the space, the proposition likely struggles with the masses beyond the fringe that only care about a logo in terms of justifying or motivating a purchase.
I'll conclude with this potentially big positive: assuming Apple knows this well, they probably HAVE been working hard to get Siri functionality out ahead of Alexa, Google, etc. (which, if you are objective, you know is no small challenge). Further assuming so, a smarter Siri is probably not going to be locked into only this one product. In other words, if big investments in Siri's functionality have been made here, a smarter Siri probably comes to all Siri-capable devices with- or soon after- this launch. That seems like a big win for everyone regardless of if one buys this particular thing or not.