If a FPGA vendor made a FPGA solution (both the hardware and the software libraries to integrate with one or two machine learning frameworks) that did basic matrix/tensor calculations faster/cheaper than GPUs, then they'd be able to take a lot of market off nvidia. Users wouldn't have a need to program the FPGA directly if they can work at the level of matrix operations.
It's certainly possible to make. It's also a very expensive very specialized appliance. All of that to do some matrix manipulations.
But the point is that you don't have that much FPGA-specific code - once someone does the matrix manipulations and the proper integration, everyone else can just run e.g. tensorflow code on it faster and/or cheaper without specific expertise; if a FPGA vendor can do this one-time investment in software tools, then they can compete for a slice of the large pie of hardware revenue that nvidia now has for itself.