Yes, perhaps before they choose the next "faster in hardware" crypto algorithm, they also get a commitment from the major chip makers (Intel, AMD, Qualcomm, MediaTek, etc) that they will implement them within let's say 2 years after the contest is over.

Otherwise it's just hope that the chip makers will implement it when the algorithms are chosen, and I'm not sure that's good enough after a carefully orchestrated 5-year process of choosing a next-generation algorithm.

If they can't get that commitment, then they should choose whatever is faster in software (granted all the other factors are more or less equal).