IEMs are a bit easier to be competitive at, not having to worry about acoustic effects of ear/head shape, ergonomics/comfort is much simpler with IEMs, etc.
But clearly good headphones are still working on a massive margin.
For me, it already has: more choice, better quality, unmatched comfort - and that's fully leaving aside the costs.
My favorite brands are SIVGA and LINSOUL.
Personally I own Moondrop Aria IEMs for on the road, and for home Shure 840a cans with 1540 pads to kill the extreme treble. My cans before that were Audio Technica M40x with felt mod + new pads.
I’m excited to see if chi-fi will be able to dethrone either of those bang-for-buck kings.
I have their USB-C DAC, it's wonderful when used with the very comfortable SIVGA :)
When I need ANC, I have a pair of Sony XM and while they are great for these 2 parameters (ANC and good battery life), the SIVGA and LINSOUL offer me a better musical experience which is something I care about a whole lot more!