Eh it's really not when you consider that the ESP32 exists. it has PCNT units for encoders, RMT LED drivers, 18 ADC channels instead of four, ULP coprocessor and various low power modes, not to mention wifi integrated into the SoC itself, not optional on the carrier board. And it's like half the price on top of all that. It's not even close.

The PIO units on the RP2040 are... overrated. Very hard to configure, badly documented and there's only 8 total. WS2812 control from the Pico is unreliable at best in my experience.