The issue isn't the presence of competition but rather, that of meaningful competition.
Not at all unlike the current state of the tablet market today. Tons of options available, yet for all intents and purposes, the iPad is the only model which matters.
Garmin is still a better product for tracking my workouts. Sorry, but Apple just can't hold a candle to them yet. I doubt they will get pushed out and with the Fenix 5, they are now offering lots of choices like Apple. I doubt it will ever be "just Apple".