Yeah, I'd definitely consider there to be some genuine competition right now. I've been spending more of my gaming time on ESO and Lost Ark. There's also some upcoming MMO's that have piqued my curiosity.
Truth be told, I'd rather just pick one MMO to play and stick with that but FFXIV has been making all sorts of odd decisions lately. The biggest red flags for me are that the 'new story' looks to be more of the same thing and that all of the new expansion features have yet to be implemented.