The fact that it's only "competitive" with aarch64's code density is a solid black mark against RISC-V.
The only reason it's "competitive" is the compressed instructions, which means it's paying all the costs of variable length instructions, yet only getting marginal benefits. IMO a modern ISA taking advantage of variable length instructions should be able to absolutely smash the code density of a fixed width ISA like aarch64. At minimum, it should be competitive with x86 code density, if not smashing that too (because x86 has a lot of legacy baggage)
Compressed instructions aren't a bad idea for very small cores. They give you a decent code density boost with minimal added complexity.
But for large cores you either want to go full fixed length (like AArch64 and Qualcomm's proposal, which bought non-compressed RISC-V into the range of AArch64) or adopt a much more complex variable length scheme that can actually beat x86 on code density.
There's a huge difference between 2/4 byte variable density and 1-15 byte variable density. And as I've said in other places, my experiments showed that it ended up being kind of across the board less than half a pipeline stage to handle C instructions, kind of orthogonally to decode width.
It is a different front end design, so that's why Qualcomm didn't want to reengineer their aarch64 core more than they had to, but the rest of the riscv community was right to not embrace it.
Not to mention that a lot of the aarch64 derived pieces in the proposed qualcomm extension are almost certainly patent encumbered. Qualcomm can absolutely handle just about any patent fight, but other risc-v companies can't.