The 060 was released[1] a full year after the Pentium and was significantly slower. It certainly wasn't a bad CPU, in an alternate universe where Motorola didn't fall as far behind on fab process as they did (or were able to find a second source to compete with Intel et. al.) you could absolutely see 68k continuing on as a dominant architecture. But in the real world of 1994, it was too little, too late, and is remembered now more as a bookend to an era than a processor design.

[1] On paper. In fact it never really "reached market" until significantly later when a few folks started shipping it in embedded contexts. The only desktop/server/bigsystem users ended up being upgrades to existing '040 designs.