The alternative is Intel dissolving their R&D completely since they couldn't see how the division could ever be profitable. At least with Apple acquiring them there's still some competition left in the field.
It remains marginally higher competition than the unit folding, which seems to have been the alternative. At least one party has an alternative. And unlikely as it may seem, that party may yet choose to sell to others, which is also better than zero.
Also if political winds blow against the FAANGs and pushes for breakups of some sort gain ground, that could take the form of something like compulsory licensing of closely held IP by Apple. Pure speculation of course, but the prospect of competition due to his acquisition is non-zero, compared to the zero of Intel dissolution.