TL;DR: Antec is going to be selling a Steam Deck competitive device, based on the Ayaneo Slide. The device has a slide up screen that reveals a keyboard, which is good because using desktop windows is much easier with a keyboard. However the device’s lowest estimated power draw at low/no load is 15w, meaning it will use comparable power to the deck running at max power. This means the battery life will probably be pretty rough when compared to the Deck. It will also likely have a much higher price point.
The steam deck should be the only loss leader in handheld PCs, all the competitors need to make a profit on the hardware.
Microsoft could actually sell an Xbox branded handheld at a loss as well, but they would need to force Microsoft store sales/game pass to recoup the cost.